The decision by a major religious body in Ingushetia to prohibit transactions with cryptocurrencies has sparked controversy in the predominantly Muslim Russian Republic. Critics have taken to social media to express their disagreement with the ban, pointing out that the treatment of bitcoin in Islamic jurisdictions is not one-sided.
Islamic cleric explains the reasoning behind crypto prohibition
In a meeting in mid-April, the Ingush Council of Alims banned the purchase and sale of cryptocurrencies by Muslims in the country. Islamic clergy said at the time that they decided after studying Islamic sources and came to the conclusion that religion prohibits the trading of electronic money.
Deputy chief Mufti Magomed Hashtyrov has since been forced to clarify the council’s position. This week, he told the local newspaper Ingushetia that there is no physical representation of cryptocurrencies as a means of payment and that their exchange is different from the trade of goods in the physical market. The latter is not prohibited for Muslims. The theologian revealed that in one case even among clerics, the council had already intervened to resolve disputes over cryptocurrency, adding:
Only honest labor brings people together, and virtual easy money quarrels with them.
Hashtrov then asserted that “cryptocurrency, for now, is neither money, nor a commodity. When it becomes publicly available, a legally accepted means of payment, with a state guarantee, So we can talk about money, but not today, ”Ingushetia quoted him as saying.
Instagram users react to unfounded ban on crypto trading in Ingushetia
The newspaper shared the article with Hashtrov’s comments on Instagram and, given the reactions, not everyone agrees with his explanations. As reported by Caucasian Knot The portal, Ingushian, has commented that there are more pressing issues to deal with in their country than banning crypto transactions. “The Republic has a lot of problems. But the clergy and officials are ‘fixed’ on cryptocurrency, “one user wrote with the handle ‘tumgoev_111_06’.
“Ban liquor sales, condemn corrupt officials,” suggested someone named ‘Qaddafi’. A user named ‘eva_mango’ said, “They just got something to talk about and solve.” Others have challenged the legality of the ban imposed: “I have been trading cryptocurrency for two years! Before starting, I read a few articles on Islamic forums where it was explicitly stated that it contained anything forbidden. No, if you don’t trade futures, “noted ‘tsoro.1.’ Then ‘dzurdzuk666’ wrote:
No money, no commodity, in what sense??? If at any time you can exchange it for money and commodity… paper money is also garbage. But we use it.
“I wouldn’t say it’s absolutely ‘easy’ money. It requires knowledge and ability to use it. I feel that this issue has not been fully studied by theologians,” by Caucasian Knott Quoted suggests a female commenter with the Instagram handle ‘angry_hare_4’. The portal has published another, better qualified opinion on the matter, that of Gapur Oziev, associate professor of economics at the International Islamic University in Kuala Lumpur. Islamic banking and finance since 2008 Oziev, who was teaching, was surprised by the Ingush clergy’s decision on the matter.
“They have announced a very old version of the fatwa. At the moment, there are many scholars who do not directly ban it, although they condemn everything related to cryptocurrency, “he told the online version.” There are more questions than answers. There are many doubtful things, and the hadiths say to avoid the suspect. However, since there is no explicit text Sharia Under which it would be possible to ban cryptocurrency, it is not worth saying that it is haram,” Oziev emphasized.
What is your opinion about the crypto ban imposed by the Islamic clerics of Ingushetia? Share your thoughts on this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Vicky Commons