A fatwa on Bitcoin by Egypt's grand mufti is largely being ignored by traders bitcoin acceptedneweggcom to capitalise on the decentralised cryptocurrency. The year-old father of two relies on the digital currency for his small bitcoin acceptedneweggcom business that imports spare parts for computers, photocopiers, and bitcoin acceptedneweggcom electronics.
Most of his business bitcoin acceptedneweggcom are done through the website Newegg. Cryptocurrencies such as Bitcoin allow anonymous peer-to-peer transactions between individual users, without the need for central banks.
According to Mohamed, he has saved at least 33 percent on bank transaction fees, which normally charge at least 3. A souvenir Bitcoin coin is arranged for a picture on a smartphone showing the value that day and options to buy or sell, on an app for the digital asset broker, Coinbase, in London on 20 November AFP Bitcoin started circulating in and Mohamed was introduced to it in while teleworking as a data-entry clerk for foreign companies abroad.
He was paid for his services through Bitcoin, which he says was much easier and more efficient than traditional payment systems. The uprising, which ousted bitcoin acceptedneweggcom president Hosni Mubarak, scared away many tourists and investors. This lead to a shortage in dollars and tightened restrictions on bank transfers. There is uncertainty in the market. All prospects are open. There are no rules. Sheikh Shawki Allam, the grand mufti of Egypt, believes the proliferation of Bitcoin bitcoin acceptedneweggcom lead to an increase in fraud AFP His decision came two weeks after the Egyptian Financial Supervisory Authority EFSAresponsible bitcoin acceptedneweggcom regulating the non-banking financial markets, announced that Bitcoin trading is illegal in Egypt.
Mohamed Omran, the head of EFSA, added it would soon announce more details on dealing with trading in Bitcoin and asserted that any impermissible activity is illegal and a penalty would be imposed by anyone using it, without elaborating on what these bitcoin acceptedneweggcom are. Allam explained the digital cryptocurrency carried risks of "fraudulence, lack of knowledge, and cheating". Bitcoin acceptedneweggcom, many Egyptians have not been deterred by these announcements and have continued to deal with and invest in the currency.
There is no explicit Quranic or religious text that can be used bitcoin acceptedneweggcom forbid Bitcoin or electronic currencies. According to Yusuf, some people even go bitcoin acceptedneweggcom far as selling their cars and property to invest in Bitcoin. Terrorism, money laundering, and electronic crimes can also be facilitated through the internet and the dollar.
Bitcoin acceptedneweggcom we forbid the internet and the dollar? For Yusuf, a ban on Bitcoin would be the equivalent of outlawing the internet. Terrorism, money laundering and electronic crimes can also be facilitated through the internet and the dollar. Despite the sharp decline in the Bitcoin price nowadays, it is still higher than a year ago.
The series of volatile swings has got Mohamed and others worried that it is a bubble that will eventually burst. But Selim says it's difficult to predict what will happen next. It may go up or down. There are no rules," she said. The ambiguity has not pushed any of Omar's clients into rushing to sell their Bitcoins, hoping that the price would go up again; but new market entrants have been discouraged.
This is neither a fair nor a rational market price. But it may be that it has limited risks compared to traditional bubbles such as the mortgage bubble. Yusuf contends that the main issue is the authorities fearing activities they bitcoin acceptedneweggcom see or monitor.
If they could monitor it, they would permit it. View the discussion thread. Skip bitcoin acceptedneweggcom main content. Gold-plated souvenir Bitcoin acceptedneweggcom AFP. Friday 19 January BitcoinegyptCairoCryptocurrencyMoneyInvesting. A souvenir Bitcoin coin is arranged for a picture on a smartphone showing the value that day and options to buy or sell, on an app for the digital asset broker, Coinbase, in London on 20 November AFP.
A trader tracks market activity at the Cairo stock exchange AFP. Brokers at the Cairo stock exchange AFP. New York woman charged bitcoin acceptedneweggcom Bitcoin purchases bitcoin acceptedneweggcom fund IS: Bitcoin of bitcoin acceptedneweggcom Arab world:
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