Egypt's grand mufti has said that bitcoin is forbidden in Islam, warning the digital currency could be used for criminal purposes.
Bitcoin, launched in 2009 and based on a peer-to-peer payment system, poses “high risks to individuals and states,” Shawqi Allam said in a published ruling.
It could provide “stable and secure financial resources for terrorists and criminal groups,” said Allam, who acts as the country's official interpreter of Islamic law.
Minting and issuing currency is an “absolute right” of monetary institutions and “one of the most specific functions of the state,” he said.
Bitcoin is a virtual currency created from computer code. It and other virtual currencies use blockchain, which records transactions that are updated in real time on an online ledger and maintained by a network of computers.
Its value surged as high as $19,500 in December from around $1,000 last January, but has slipped back after a series of warnings from governments and analysts about the risk and volatility associated with cryptocurrencies.
Israel regulator seeks to ban bitcoin firms from stock exchangeIsrael’s markets regulator will propose regulation to ban companies based on bitcoin and other digital currencies from trading on the Tel Aviv ... Financial Markets
Bitcoin recovers some losses after its worst week since 2013Bitcoin rose 15 percent on Tuesday, recouping about half of the losses it sustained last week, its worst since 2013, as investors who had missed out ... Banking & Finance
EU agrees clampdown on Bitcoin platforms to tackle money launderingEuropean Union states and legislators agreed on Friday on stricter rules to prevent money laundering and terrorism financing on exchange platforms for ... Economy
US woman charged with using Bitcoin to finance ISISUS prosecutors have charged a New York woman with using Bitcoin and other crypto-currencies to send funds to the ISIS group.Zoobia Shahnaz, 27, was ... World News