by: Brent Smith at the Common Constitutionalist
On Monday, it was reported that the Grand Mufti of Egypt has issued a fatwa, or ruling, on cryptocurrency, and specifically Bitcoin. He has banned it as being “un-Islamic.” Grand Mufti, Shawki Allam decreed that the virtual currency is “forbidden” by Sharia law “due to its direct responsibility in financial ruin for individuals.” He added that it “was not permissible as it is not considered by legitimate bodies an “acceptable interface of exchange.’”
In other words, he likens it to gambling, which is forbidden under Sharia.
Now, the old Mufti may say that Bitcoin is un-Islamic and forbidden by Sharia, but is his fatwa really based on firmly held religious belief, or does it come down to a matter of government control.