Mufti of Egypt banned Bitcoin
In August 2017 in Egypt, the first trading platform for bitcoins was opened, but in December secular authorities of the country declared out-of-law the Crypto-currency.

Egypt refused to trade Bitcoin - the chief mufti of the country Sheikh Shavki Allam issued a fatwa prohibiting operations with crypto currency, the Air Force reports.

According to Allam, Bitcoin is "banned by Islam", as it is accompanied by "fraud, deception and ignorance."

Fatwa is a legal position on some issue formulated by representatives of the Muslim clergy. Usually it has no legal force, but it has influence among believers.

In August 2017 in Egypt, the first trading platform for bitcoins was opened, but in December secular authorities of the country declared out of law the crypto currency.

As noted by the Chief Mufti of Egypt, the risks associated with the use of Bitcoin may arise, since this virtual currency is not under the supervision of any centralized authority.

"Bitcoins are forbidden by the Sharia because they damage individuals, groups of people or institutions," the largest Egyptian newspaper Al-Ahram quotes the fatwa.

Recall, after the recent collapse of the rate and its subsequent adjustment to 16 thousand dollars, Bitcoin again fell seriously. Thus, the most popular crypto currency is traded on international exchanges near the mark of 14.2-14.5 thousand dollars per coin. The minimum rate for the day amounted to 13.6 thousand dollars.

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