At the end of the summer of 2017, the first-ever platform for trading bitcoins was launched in Egypt. However, in less than six months, in December to be precise, Shawki Allam, the sheik and the Grand Mufti of Egypt, issued a fatwa that prohibits all operations involving Bitcoin.
Such a decision had been made after the lengthy consultations with financial experts. They came to the unanimous conclusion that Bitcoin is capable of undermining the national currency and bankrupting the state of Egypt.
The fatwa doesn′t hold any legal power, though its legality isn′t relevant in any Islamic state. The Egyptians can′t disobey this religious decree.
According to Ahram Online, the largest online publication in Egypt, the sheik thinks that Bitcoin is a scam and it must be banned by Islam. He also reckons that the trading platforms are associated only with fraud and ignorance.