Are dapps haram in crypto currency

Turkey: Bitcoin is not for Muslims

"Bitcoin is not compatible with Islam," the agency said in a statement published on Wednesday. Diyanet cited the reason that the price of the Internet currency was determined by speculation. It could also be used for illegal activities and evade state control.

Excessive speculation is considered a sin in Islam. The acquisition of shares is therefore permitted; however, the companies concerned must be "halal". The purchase of shares in companies that are involved in gambling, pornography, alcohol or pork, for example, is not permitted. Interest taking is also considered sinful in Islam.

Of course, not all Turks adhere to the requirements of the religious authority. The Turkish central bank is also more sober and has set up a working group on Bitcoin. The currency could contribute to financial stability, said central bank chief Murat Cetinkaya recently.

The hype continues

Regardless of concerns from Turkey, the Bitcoin record hunt continues unchecked. On Wednesday, the rate for a unit of digital currency rose above the $ 11,000 mark on major trading exchanges such as Bitstamp or Coinbase. Bitstamp hit a high of $ 11,395. At individual, smaller trading venues, the price was even higher at up to $ 11,800. Since the beginning of the year, the value of the digital currency has increased tenfold.

Opinions on whether this huge price increase is healthy and sustainable differ widely in the financial markets. Some speak of a price bubble that threatens to plummet, others assume that prices will continue to rise. Not only experts in the financial markets, but also high-ranking representatives of well-known institutions are increasingly confronted with questions about Bitcoin. In the big central banks, however, they are rather reluctant to comment on the latest price increase.

Bitcoin is the best-known representative of digital currencies, also known as crypto currencies. Unlike traditional currencies, they are not controlled by central banks and governments. Proponents value freedom and anonymity, while critics warn against abuse, for example to finance criminal activities.

zdh / uh (KNA, dpa, afp)