Turkish Government says: Bitcoin and Ethereum is Unsuitable for Muslims

Nishanth Shetty

Nishanth Shetty

December 1, 2017 9:39 am

1936 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

Leave a Reply

Your email address will not be published. Required fields are marked *

Here is what Bitcoin needs to Prove Before Goldman Sachs Would Invest

Bitcoin should Prove few things before Goldman Sachs would Invest Goldman Sachs says that it has found Bitcoin’s biggest problem. This week, a top Goldman Sachs investment strategist described what Bitcoin and other cryptocurrencies need to do to maintain their prices, which have recently bounced after a continued crash. Allison …

Tesla faces Cryptocurrency Mining Malware Attack

Hacker’s hit Tesla’s Cloud to mine Cryptocurrencies Electric vehicle maker Tesla has fallen into big trouble since the hackers company’s cloud to mine cryptocurrencies. On Tuesday, Cybersecurity software firm RedLock announced that hackers had exploited an insecure Kubernetes console, which they utilized to access computer processing power from Tesla’s cloud …

Russian Blockchain Association is Launching ‘First’ Guarantee System For ICO Funding

First Guarantee System for ICO Funding to be launched by Russian Blockchain Association According to the reports, the “first” guarantee system for Initial Coin Offering (ICO) is all set to launch in Russia in 2018. The system will be called as ICO-hub, is developed by Globex Bank, which is a …


Pin It on Pinterest

Share This