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Friday, 1 December 2017

Muslims Should Not Buy Bitcoin: Turkey Religious Ministry



The Religious ministry of Turkey has issued a guide:"Bitcoin and Ethereum such as Virtual money for Investment:Is it possible to buy?" The religious ministry in it said that it is not appropriate for Islamic believers to buy or sell virtual monies.
Explaining further, it said that believers are not to buy currencies not backed by the state or a central authority. 

Cryptocurrencies such as bitcoin are “encrypted
currency for each user, allowing direct commercial
exchange between users without any central
financial institution behind them,” the Diyanet
began its rationale.
“In order for a currency to have a monetary
value,” the Turkish Islamic authority continued, “it
must either take its value in the state authority or
have a unique value like gold. Virtual money,
although used by some sectors as a means of
exchange, can not be regarded as money because it
does not have the prestige and credibility that the
state provides, and because there is no central
financial institution behind it and it is not under
government guarantee.”

This though,  is in contrast with what the President of the Central Bank of Turkey; Murat Cetinkaya said about the cryptocurrency. He said the digital currency could contribute to financial stability.

What do you think about this stance prohibiting Muslim faithfuls from buying BTC? Please express your views below and subscribe to iur newsletter to get latest news on Cryptocurrencies. 

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