Turkish religious authority: bitcoin is incompatible with Islam

Turkish religious authority: bitcoin is incompatible with Islam

Islamic authority in Turkey – Diyanet (Turkish Directorate for religious Affairs), published a statement condemning the use of bitcoin and other cryptocurrencies, after raising concerns about the purchase of bitcoin by one of the users in the social network.

This decision confronts the Islamic world is the question of the bitcoin is really contrary to religion, or just incompatible with the policy of the Turkish government?

Turkey condemns cryptocurrency

Statement Diyanet is:

“Purchase and sale of virtual currencies is incompatible with Islam currently. For monetary value currency must obtain this value from the government or have a unique value, like gold. Although virtual money is used in some sectors as a medium of exchange, they cannot be considered real money because they have no prestige and trust afforded government, they were not worth the Central financial institution and they are not covered by the government guarantee. Moreover, it is impractical to buy or sell virtual money in the next steps, such as openness to speculation about the loss or loss-free use for unauthorized work or operations, including for money laundering, and the avoidance of state control and supervision”.

Lucas (Ashraff) Royal, a successful bitcoin trader and a content author, commented on this statement: “If any currency is Halal, then it’s bitcoin”.

Expressing his surprise at such a statement, Royal said

“It doesn’t make sense. Turkey is a secular state… I can understand the concern about drugs and money laundering, but it is much easier to use cash than bitcoin.] This whole situation is ridiculous”.

He called the announcement a ploy of the state and explained that the writer of the people “did not understand what was going on”.

In Turkey while there is no regulation of bitcoin as money or restrictions on its trading, but this statement could be a harbinger of future attempts to restrict use of cryptocurrency in the country.

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