Egypt’s highest Islamic religious leader endorsed a ban on trading in Crypto-currencies by declaring it forbidden by Islam. Shawki Allam, the Egypt’s current Grand Mufti, cited that bitcoin’s anonymity is a cause for concern. Saying it can undermine the legal system by enabling tax evasion, money laundering, fraudulent activities and terrorist financing. Egypt’s first bitcoin exchange was opened in August last year. The crypto-currency was however declared illegitimate by the authorities last month.
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