Clip #
7437

Egyptian Cleric Omar Abdelkafi: Use of Bitcoin Is Islamically Impermissible Because It Resembles Gambling and Encourages Risky Behavior [Archival]

January 20, 2018

Egyptian Cleric Omar Abdelkafi: Use of Bitcoin Is Islamically Impermissible Because It Resembles Gambling and Encourages Risky Behavior [Archival]

Duration:
01:40
Source:
The Internet - "Sheikh Abdelkafi on YouTube"
Show Details

Intro:

Egyptian cleric Omar Abdelkafi said in a sermon that was uploaded to his YouTube channel on January 20, 2018 that, based on the knowledge of 42 scholars he trusts on this matter, the use of Bitcoin is Islamically impermissible because its tendency to fluctuate encourages risk-taking and resembles gambling, and because it is an intangible currency that does not have the backing of a central bank, a ruler, or a state. He predicted that Bitcoin will cause state economies and societies to collapse, ...

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