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Turkish establishment declared bitcoin as un-Islamic

The hype of digital currency Bitcoin equally hits the Muslims countries but recently the Turkish establishment has declared that Bitcoin is not accordant to Islam and thus not allowed in our religion.

Turkish authorities warned its citizens and advised not to buy the world’s most popular Cryptocurrency Bitcoin.

Diyanet who is the Turkey’s Directorate of Religious Affairs stated that the cryptocurrency is extensively used for immoral and illegal activities, and is not adequately regulated, making it far more unstable than other currencies.

“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 said.

It is important to mention here that Bitcoin had not been authorized by the state yet.

According to Turkish media, last Friday, a meeting was held by the religious body to take actions and they took a decision on the digital currency that it is forbidden in Islam.

Even though government warned the Turkish citizens but they have still invested in Bitcoin, and criminals are also capitalizing on the increase in the currency’s worth.

Must Read:  Bitcoin reaches highest ever value

At the start of this month, Turkish police arrested a bunch of criminals who had extorted 450 bitcoins, valued around $3.3 million at the time, from a rich businessman. The gang forced him to transfer them from his laptop and gave his online banking passwords.

It is an irony that the gang targeted him because he showed off his gaudy lifestyle on social media.

Due to the rising popularity of digital currency, the president of Turkey’s Central Bank Murat Cetinkaya claimed that they are doing additional and broad that research about cryptocurrencies. He alleged that such digital currencies possibly will “contribute to financial stability,” according to Bitcoin.com.

Anyone can realize the real financial story of cryptocurrency in 2017, by seeing the rising graph from less than $1,000 at the start of January to more than $10,000 at the moment.

Many followers of the digital currency say it could carry on its rising scale, but on the other hand financial juggernauts have warned about its lack of regulation. As in many countries, it is still not authorized.

The market value of Bitcoin remains less than $200 billion, a slide of the world’s $200 trillion in financial market assets and crypto funds. Some top U.S. financiers have confidence about Bitcoin’s potential spreads.


Ayesha Maqbool
Ayesha Maqboolhttp://www.netmag.pk
Ayesha is known by her mesmerizing talent of writing most technical stories in a brilliant informal way. She is a specialist in writing breakthroughs of Startups, Freelancing and Telecom Industry.


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