Ingush theologians' attitude to cryptocurrency triggers Instagram users' reproaches

The ban on operations with cryptocurrency, announced by the Council of Alims of Ingushetia, was a controversial decision, since the attitude to cryptocurrencies in Islam is ambiguous, some social network users have suggested.

The "Caucasian Knot" has reported that on April 13, 2021, a sitting of the Council of Alims of Ingushetia decided to prohibit the sale and purchase of cryptocurrencies by Muslims. The clergymen concluded that operations with electronic money are prohibited by Islam.

In their comments on the decision, Instagram users indicated that residents of Ingushetia have more pressing unresolved problems. "There are a lot of problems in the republic, while [...] the clergymen and the authorities are 'fixed' on cryptocurrencies," in particular, the user tumgoev_111_06 has written.

Some other users have argued about the ban on cryptocurrencies. "I've been trading cryptocurrencies for two years! Before starting, I read a couple of articles on Islamic forums; it was clearly stated there that there is nothing forbidden in this, if you aren't trading in futures," the user tsoro.1 has written.

"And what is forbidden in cryptocurrencies – this is not a casino, and not a haram (means forbidden in Arabic) [...] and how virtual money can quarrel people; [...] since you can't lend cryptocurrencies; and everyone feels fine," the user vaha_aushev_06 has written.

This article was originally published on the Russian page of 24/7 Internet agency ‘Caucasian Knot’ on May 25, 2021 at 10:41 am MSK. To access the full text of the article, click here.