Bitcoin value reaches $12000 but it is declared un-Islamic

Bitcoin is the leading cryptocurrency in the world. Its value has reached $12000. On one side nations are accepting Bitcoin and making it legal, on the other side Turkish leading religious authorities have declared all cryptocurrencies like Bitcoin un-Islamic. They say that these currencies are not in accordance with Islam. As there is lack of regulation relating to these currencies and they can lead to criminal activities thus buying and selling of Bitcoin and similar cryptocurrencies are not in compliance with Islam.

The value of Bitcoin surpassed $12000 mark and its users are increasing day by day. Investors are willing to invest in the currency. The power of Bitcoin is undeniable. Also, more and more people are gaining awareness and knowledge about cryptocurrencies.

In Europe especially the influence of cryptocurrencies is huge. Thus the Turkey’s Directorate of Religious Affairs or Diyanet has asked the Turks not to invest in any online cryptocurrency like Bitcoin and Ethereum.

Diyanet has the authority on beliefs, worship, and morals of Islamic Religion in Turkey. Thus he holds a position of great stature in Turkey. As per an official statement

“The purchase and selling of digital currencies are not appropriate according to religion at this point due to the fact that they are open to speculation in terms of value and they can easily be used mostly in illegal deeds such as money laundering. They are also far from state auditing and supervision”.

Interesting: Bitcoin remains illegal in Pakistan

This statement was issued after the price of Bitcoin surged to $10,000. As per some financial experts, investing in Bitcoin is risky as it is an unstable currency. Now this statement by Turkish religious figures has led to further confusion and uncertainty in investors on whether they should invest in Bitcoin or not.

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