A well-known religious group in Ingushetia decided to ban dealing with cryptocurrencies, which caused controversy in the predominantly Muslim Russian Republic. Critics have expressed different opinions on the ban on social media, pointing out that the treatment of Bitcoin in Islamic jurisdictions is not unilateral.

Islamic priest explains the reason behind the ban on encryption

At a meeting held in mid-April, the Ingush Alims Committee passed a ban prohibiting the purchase and sale of cryptocurrencies by Muslims in the country. The Islamic clergy said at the time that they came to the conclusion after studying Islamic resources that the religion prohibits electronic money transactions and made this decision.

Thereafter, Deputy Chief Mufti Magomed Hashtyrov was forced to explain the Council’s position. He told the local newspaper Ingushetia this week that as a means of payment, cryptocurrency has no physical representation, and its exchange is different from commodity transactions in the physical market. Muslims do not prohibit the use of the latter. The theologian revealed that the committee has been involved in resolving disputes about cryptocurrencies, even among clergy in one case, noting:

Only honest labor can unite people, but virtual easy money makes them embarrassed.

Then, Hashtyrov insisted that “currently, cryptocurrency is neither money nor commodity. With state guarantees, when it is publicly available and legally accepted payment methods, we can talk about money, but today it won’t work.” Ingushetia quoted What he said.

Instagram users react to Ingushetia’s unfounded ban on crypto transactions

The newspaper shared this article with Hashtyrov’s comments on Instagram. Judging from the reaction, not everyone agrees with his explanation. According to a report from the Caucasus Junction Portal, the Ingushetia commented that the country has more pressing issues to deal with than banning encrypted transactions. “There are many problems in the Republic. But the clergy and permissions are “fixed” on the cryptocurrency,” wrote the user with the handle “tumgoev_111_06”.

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“It is forbidden to sell alcohol and condemn corrupt officials,” a man named “Gaddafi” suggested. “They just found the problem to discuss and solve,” added a user named “eva_mango”. Others questioned the effectiveness of the implementation of the ban: “I have been in cryptocurrency trading for two years! Before I started, I read several articles on Islamic forums, which clearly stated that if you do not trade futures , There is no prohibition.” “tsoro.1” pointed out. Then “dzurdzuk666” wrote:

In what sense is it not money, not a commodity? ? ? If you can exchange it for money and commodities at any time… paper money is also rubbish. But we use it.

“I wouldn’t say that it is “easy” money. It requires knowledge and ability to use it. In my opinion, theologians have not fully researched this issue,” Caucasus Nott (white) quotes one Said a female commentator who owns the Instagram handle “angry_hare_4”. The portal also published another better opinion on this issue, Gapur Oziev, associate professor of economics at the International Islamic University of Kuala Lumpur. Oziev has been teaching Islamic banking and finance since 2008 and was surprised by the decision of the clergy of Ingush.

“They announced a very old version of Fatwa. At present, although many scholars condemn everything related to cryptocurrency, there are still many scholars who have not directly banned it. “There are more questions than answers. There are many suspicious things, and the Hadith said to avoid suspicious things. However, since there is no clear text in Sharia law to prohibit cryptocurrency, it is not worth saying that this is “Haram”. Oziev emphasized.

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What is your opinion on the encryption ban imposed by the Islamic priests of Ingushetia? Share your thoughts on this topic in the comments section below.

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