Turkey Religious Authority: Bitcoin "Not Appropriate to Buy or Sell" for Islamic Believers

Diyanet İşleri Başkanlığı (Ministry Presidency of Religious Affairs) of the Republic of Turkey has issued the guide “Bitcoin and Ethereum, such as Virtual Money for Investment: Is [it] Possible to Buy?” In it, the religious authority warned “it is not appropriate to buy or sell virtual moneys” for Islamic believers, reports a translation by En Son Haber. The Diyanet further explained believers are to avoid currencies not backed by the state or central authority.

Also read: Turkey CB: “Cryptocurrencies May Contribute to Financial Stability”

Turkey Religious Authority: Bitcoin "Not Appropriate to Buy or Sell" for Islamic Believers

Islamic Religious Body of Turkey Forbids Crypto

Known as the Diyanet, Turkey’s religious authority weighed in on cryptocurrency use when it comes to being faithful to both Islam and the state. The Diyanet has jurisdiction “related to the beliefs, worship and morals of Islamic Religion, to enlighten the society about religion and to manage places of worship,” according to its website.

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.”

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