Turkish Government says: Bitcoin and Ethereum is Unsuitable for Muslims

Nishanth Shetty

Nishanth Shetty

December 1, 2017 9:39 am

2800 Total Views

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.

No Comments
Australia to Mine Bitcoins by reopening Coal Power Plant

Contract with Crypto Mining firm Signed by Australia to reopen Coal Power Plant A contract has been signed with the IOT Group, a cryptocurrency mining firm by Australia’s Hunter energy to reopen a coal power plant in the Hunter Valley Region of Australia. Although new and advancing technologies are largely …

Blue Check Mark on Twitter Doesn’t mean your Account is Safe

Bad Checks: Twitter’s Identity Crisis Costs Users More Than Bitcoin According to a Russian Writer, it’s one of crypto’s most generally embraced slogans, though one that’s becoming even more important on social media, where battling factions inclined on promoting the next big high-tech investment are presently turning the very symbols …

Quebec Chief Scientist says Bitcoin is not a Tool for Illegal Transactions

Bitcoin is not a Tool for Illegal Transactions, says Quebec Chief Scientist According to the reports, The Chief Scientist of Quebec Rémi Quirion said that public is worried that Bitcoin is being used for illegal activities like tax evasion and money laundering is mostly overblown. The statement provided by the …

Morgan Stanley said Bitcoin ‘Miners’ are Losing Money at any Price under $8,600

Bitcoin “Miners” are Losing Money under $8,600 says, Morgan Stanley​ Morgan Stanley’s analysts said if bitcoin can’t recuperate $8,600 soon, bitcoin “miner” will probably think that it’s unprofitable to keep creating the digital currency. According to Coindelite Price Chart, on Thursday Bitcoin traded slightly higher near $8,200. It has strived …

Bitcoin Tax day Rally is Evidently not Happening as Price Dips under $8,000

Due to the Bitcoin Price drop, Tax Day Rally is not going to Happen Bitcoin Pundits had speculated on prices recovering after the U.S. investors filed their taxes. But as the market headed into the close on Tax Day, prices drop significantly under $8000. As per Coindelite Price Chart, Bitcoin …

Now its Time to Purchase Bitcoin Cash says, Brian Kelly

Brian Kelly says, Forget Bitcoin, Now its Time to Buy Bitcoin Cash Tax day has arrived and gone; the cryptocurrency bear market might be dipping down as well. Brian Kelly, founder, and CEO of BKCM ( An investment fund which is focused on cryptocurrencies) told that alt-coins would come back …

Press Release

shares