Turkey has reportedly declared Bitcoin not “compatible” with Islam because the government is unable to have control over it.
Based on a statement from a meeting of the state Directorate of Religious Affairs (Diyanet), lawmakers strongly believe Bitcoin has a “speculative” nature which makes purchasing and selling it an ‘inappropriate’ act for Muslims.
Here’s the translated statement:
“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.”
For those who don’t know, Diyanet put the guidance into action on November 24, which means it was only a couple days before Bitcoin’s latest bull run.
After Turkey’s banning of PayPal, the transcontinental country has since been a target of Bitcoin startups, however, conditions over there have continued to be unstable.
In the statement, Diyanet noted that the “unsuitability” principles also apply to Ethereum.
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