Egypt's Top Cleric: ‘Bitcoin Goes Against Sharia Law’

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Egypt's Top Cleric: ‘Bitcoin Goes Against Sharia Law’

Halal or not?  One of Egypt's top clerics has come out against the cryptocurrency Bitcoin, saying it's a “form of deception that falls under legal liability.”

Grand Mufti Shawki Allam, called Bitcoin trading “unlawful” under Sharia law, online publication Ahram reported this week.  Such remarks could stymie the cryptocurrency from taking hold in some Muslim-majority countries. 

From CoinTelegraph.com:

Back in February 2017, Cointelegraph spoke to several experts about Bitcoin’s status under Sharia law. Matthew Martin of Blossom Finance explained his belief that Bitcoin is halal, writing:

“As a payment network, Bitcoin is halal. In fact, Bitcoin goes beyond what more conventional closed banking networks offer. Unlike conventional bank networks which use private ledgers where there's no guarantee that the originator actually owns the underlying assets, Bitcoin guarantees with mathematical certainty that the originator of the transfer owns the underlying assets. Conventional banks operate using the principle of fractional reserve, which is prohibited in Islam.”

- Jagajeet Chiba, Gambling911.com

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