Turkish Government says: Bitcoin and Ethereum is Unsuitable for Muslims

Nishanth Shetty

December 1, 2017 9:39 am

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Cryptocurrency News

Turkey has described Bitcoin is actually “not compatible” with Islam since its government is unable to handle it.

In a statement from a meeting of State Directorate of Religious Affairs (Diyanet), lawmakers claimed that Bitcoin’s “speculative” nature means purchasing and selling was not comfortable for Muslims.

Euronews translated this statement which was republished by local news outlet Enson Haber 

“Buying and selling virtual currencies is not compatible with religion at this time because of the fact that their valuation is open to speculation. They can be easily used in illegal activities like money laundering, and they are not under the state’s audit and surveillance.”

Diyanet issued the guidance Nov.24, a few days before Bitcoin’s constant journey which made the virtual currency reach the highest price $11,000 before falling to 15%.

Turkey was previously a target of Bitcoin startups after the nation banned PayPal, but the conditions have remained unsteady.

BTCTurk, a Bitcoin exchange which got shut temporarily its operations in 2016, became unsuccessful to find a banking partner after the local institutions terminated its accounts without warning.

 

As the traders though, they may be required apt to benefit from the libra’s dismal performance, having lost half of its value against the US dollar since 2013.

Diyanet included the same principles of “unsuitability” in particular applied to Etherum.

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