" />
Published On: Thu, Feb 15th, 2018

Chechen leader Kadyrov to ask Islamic scholars if using Bitcoin is permissible

nsnbc : Ramzan Kadyrov, controversial Islamist President of the Russian Federation’s Chechen Republic, is asking Islamic scholars to determine whether the use of bitcoin (and similar cryptocurrencies) is religiously permissible.

Ramzan Kadyrov_HBO interview_Jul 2017Kadyrov, on the social media service Telegram last week, announced that he was planning to invest in cryptocurrencies The Bitcoin digital currency is currently trading below $10,000 after a volatile 2017 that saw it peak at $20,000 in mid-December.

“The council of [religious scholars] agreed that we should learn if we can buy, sell, make settlements with this money,” Kadyrov wrote on Telegram Wednesday. Kadyrov, apparently already having set his eyes on Bitcoins, said “If this is possible, we will come to the conclusion that cryptocurrency is halal. … First of all, we need to find out how cryptocurrency will affect the country’s economic situation, whether it benefits the state or not.”

Citing analysis carried out by a group of Islamic researchers overseen by Chechen Mufti Salah Mezhiev, Kadyrov said cryptocurrencies should be regulated based on “the specific features of each country.” He invoked Russia’s sovereignty in brushing aside bans on Bitcoin by top religious figures in Saudi Arabia, Egypt and Turkey in monthly succession starting late last year. “If anyone thinks that Egyptian and Palestinian fatwas on cryptocurrencies are mandatory for Russian citizens, they are deeply mistaken,” Kadyrov wrote Wednesday.

It is worth noting that many leading politicians in the Russian Federation and Russian State media like RT promote Bitcoin as a way to oppose the United States and the U.S.-dollar which, arguably, could be perceived as a “special Russian need”.

CH/L – nsnbc

About the Author

- nsnbc international is a daily, international online newspaper, established in 2013. nsnbc international is independent from corporate, state or foundation funding and non-partisan. nsnbc occasionally republishes selected articles from other media. Republication of articles does not imply that we agree with media's editorial policy. nsnbc international is free to read and free to subscribe to. We appreciate and depend on modest donations from our regular readers; such as the equivalent of the price of one print newspaper per month.

Leave a comment

XHTML: You can use these html tags: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>