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Bitcoin in EGYPT is banned and Haram

As we all know crypto is bad for government’s .The government in Egypt control religion so they banned it and made it Haram

Source: https://www.egypttoday.com/Article/3/100224/Egypt-s-central-bank-prohibits-issuing-cryptocurrencies-or-carrying-out



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36 Comments

  1. Meanwhile in Dubai…

    On a serious note, this post would be more beneficial if it stated why it is considered Haram, as I’ve heard arguments for and against this. I’m not a muslim and so I’m probably wrong, but I thought it was the teachings of the religion that guides on what what is Haram and Halal, and not the arbitrary statements of a running government.

  2. Yea but what do they know about technology. Bitcoin is not haram because its not interest and not gambling, it’s an asset.

    It’s true that it can be volatile, except with one difference Bitcoin tends to go up medium and long term, unlike the Egyptian pound which has lost almost all of its value since its inception. That’s why its a threat, if I was cynical I’d say the decision was politically motivated.

  3. please ignore this FUD- the issue of haraam and halal should be made in a transparent and open way, where evidence is provided and cross examined, especially on issues where the knowledge of an emerging technology is largely misunderstood. They often confuse the notion of day trading, and the ownership of an ASSET/Currency

  4. This is a prime example of how religion is merely a tool for political control. This brazen scam has been going on for centuries. If there really was a devil, religion would be his invention.

  5. Serious question: do the elite and powerful in Egypt also follow religious rules? Or do they use those rules to suppress the plebs while they capitalize?

    Now my conment:
    OK take these phat gainz that the world is seeing from bitcoin. If a government ignores them, won’t they be left behind as all the governments that embrace the deflation see massive resource increase?

    For example, take the stimulus checks in the US from the pandemic. Those that bought bitcoin with them massively gained over those that didn’t. Now scale that up…

  6. It’s actually just a non binding religious decree. I helped a friend of a close friend from Egypt who asked me about buying crypto and we determined that getting an account on Gemini was possible and Gemini is one of the exchanges with a lot of KYC stuff and who care about following local regulations

What do you think?

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