Egpt's top imam has endorsed a ban on trading in Bitcoin by declaring it "forbidden" by Islam Sheikh Shawki Allam, the Grand Mutfi, said the digital crypto-currency carried risks of "fraudulence, lack of knowledge, and cheating". The Grand Mufti said risks could arise because the virtual currency was not subject to surveillance by any centralized authority.
"Bitcoin is forbidden in Sharia as it causes harm to individuals, groups and institutions, "the fatwa said, as reported by Egyptian daily Ahram. in August 2017, Egypt's first bitcoin exchange was opened. The crypto-currency was declared illegitimate by the authorities last month. An adviser to the Grand Mufti, Magdy Ashour, told Egpt Today that Bitcoin was "used directly to found terrorists".