Chechen Republic Leader Ramzan Kadyrov Admits Buying Bitcoin

The head of the Chechen Republic, Ramzan Kadyrov, has admitted to buying a fraction of a Bitcoin

The mind of the Chechen Republic, Ramzan Kadyrov, disclosed to the Russian media he bought a “fraction” of a bitcoin. In addition, he confessed that he’s interested in keeping tabs on the cryptocurrency’s progress.

“I stated that blockchain technology is going to be released at the Chechen republic,” Kadyrov composed on his Telegram on Saturday. He continued:

I am also interested in innovative payment networks. I decided to buy a fraction of a bitcoin so I can follow the progress of cryptocurrency.

The former member of the Chechen independence movement also noted that there’s no guarantee of gains when purchasing cryptocurrencies, rightly pointing out the fledgling market is rife with fraud.

“But, I feel that this sector has to be rigorously controlled by law, although not illegal. It’s essential that people protect citizens from pyramid schemes and other kinds of financial fraud,” Kadyrov said. Then he added:

One must constantly evolve in a constantly evolving world of technology in order to keep up with the innovation and not be left behind.

The Chechen leader is apparently on precisely the exact same page as his counterpart Russian President, Vladimir Putin, in regards to coming cryptocurrencies, who assert that Bitcoin technology shouldn’t be illegal but controlled by the nation’s central bank.

“[Bitcoin] may be a settlement moderate to a specific level and in some specific scenarios. This is done fast and economically,” Putin told Russian news agency TAAS a month. “That really is the prerogative of the central bank presently and also the central bank has enough ability up to now.

“But in broad terms, legislative regulation will probably be required later on,” he mentioned.

Wait, Isn’t Bitcoin Haram?

It’s located in the North Caucasus, located in the southernmost Aspect of Eastern Europe. Islam is the predominant faith in Chechnya, practiced by 95 percent of the populace, based on some 2010 poll.

On the other hand, the Islamic world is presently conflicted on this issue of Bitcoin. Back in December, a Jeddah-based cleric declared a number of Bitcoin’s most important critics such as Paul Krugman, saying that it is haram (prohibited by Islamic law) since it’s “an open gate for money laundering, drug money, and haram money.”

Meanwhile, many others have released study on why Bitcoin is, in actuality, more harmonious with Islam and Sharia Law. The paper concludes:

[…] Bitcoin or a similar system might be a more appropriate medium of exchange in Islamic Banking and Finance than riba-backed central bank fiat currency, especially among the unbanked and in small-scale cross-border trade.

But while Bitcoin along with other cryptocurrencies used in Chechnya as an “advanced payment system” is likely still a ways off, Kadyrov has proven the rest of the planet it isn’t illegal to purchase cryptocurrency from Russia, also in an Islam-dominated portion of the nation, nonetheless.

Moreover, Kadyrov seems to be the primary political leader publicly admitting to purchasing and checking the price of Bitcoin regardless of toeing based on the Russian president.

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