Author Topic: Bitcoin banned in Egypt  (Read 38 times)

Offline nil

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Bitcoin banned in Egypt
« on: January 02, 2018, 10:29:07 AM »
Bitcoin is now banned in Egypt after couple of other countries including China. Imam Sheikh Shawki Allam, the Grand Mutfi, has declared trading in such virtual currency is "forbidden" by Islam citing it carried risks of fraudulence, cheating and lack of knowledge, and cheating".

He added that bitcoin is not subject to surveillance and causes harm to people. It is also believed the currency is used to fund terrorists.



Offline Bob von Crypto Karma

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Re: Bitcoin banned in Egypt
« Reply #1 on: January 02, 2018, 05:39:58 PM »
and I guess none of the elite will be buying bitcoin?
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Offline Amrit

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Re: Bitcoin banned in Egypt
« Reply #2 on: January 02, 2018, 09:50:33 PM »
China even had a temporary ban on selling stock on their stock market as well. So.... Yeah they ban everything.

Offline nil

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Re: Bitcoin banned in Egypt
« Reply #3 on: January 03, 2018, 12:22:13 PM »
China even had a temporary ban on selling stock on their stock market as well. So.... Yeah they ban everything.
Yes China seems banning everything. It had earlier banned Google and Facebook too. The country has its own social networking site similar to Facebook and it is mostly used there. However, I have also heard China may come up its own virtual currency soon. It will be released by the government and everything will be documented. It will not be considered as illegal.

Offline AyoubMarwa

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Re: Bitcoin banned in Egypt
« Reply #4 on: January 06, 2018, 03:54:38 AM »
It's not only Egypt, Bitcoins are banned in Turkey too :(
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Offline nil

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Re: Bitcoin banned in Egypt
« Reply #5 on: January 11, 2018, 04:21:47 AM »
Yes in Turkey too. Also, Indian government has strongly warned people not to invest in Bitcoin through official ban is still to come. It is very true the currency is highly volatile and government of any country would not want the citizen to lose their money.