Supreme Mufti of Egypt called for a ban on cryptocurrencies

The Supreme Mufti of Egypt Shavki Allam stated that cryptocurrencies “contradict Islam”, comparing them with gambling. In his opinion, anonymity of transactions also contributes to the use of cryptocurrencies for criminal purposes, including smuggling and money laundering, as well as terrorist financing.

The first Bitcoin exchanger was opened in Egypt in August 2017. In December 2017, Egypt’s financial regulator also criticized cryptocurrencies, noting that attracting investors to invest in cryptocurrencies is a form of fraud falling under legal responsibility.

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