An Egyptian Grand Mufti has ordered a religious ban on cryptocurrencies saying they are “akin to gambling” and violate Islamic law.
The ruling comes after wild year for the cryptocurrency Bitcoin which saw huge fluctuations in value. The fluctuations make trading Bitcoin a gamble, the ruling reasons. Gambling is strictly forbidden in Islam as it can directly cause the financial ruin of investors.
According to reports, the ruling is in line with the thinking of several other Islamic leaders.
