Indonesia’s Islamic Council Declares Cryptocurrency Is Forbidden

On November 11th, Indonesia's National Ulema Council (MUI) declared that cryptocurrency is “haram,” or religiously forbidden. According to Asrorun Niam Sholeh, the MUI's head of religious decrees, cryptocurrencies constitute uncertainties in their use and behave like wagering. The MUI is a body of Islamic scholars with significant influence in the country, as the council advises the government, including Indonesia's finance ministry, on its adherence to Sharia law. Cryptocurrency is currently being traded as a commodity in Indonesia, with trades between January to May 2021 reaching $25.96 billion, according to Indonesia's finance ministry. However, the Indonesian government does not officially recognize the buying power of cryptocurrencies as legal tender in the country. Despite the MUI’s latest announcement, the country's central bank, Bank Indonesia, has been planning to create a digital currency, but has not announced any official plans.

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Source:

Indonesia’s Islamic Council Declares Cryptocurrency “Forbidden”

Location: Indonesia