Indonesia’s Islamic Authority Declares Cryptocurrency Haram, Forbidden for Mu...
Indonesia’s top Islamic body, the country’s authority on Shariah compliance, has reportedly declared cryptocurrency haram, forbidden for Muslims under Islamic law. The Indonesian Ulema Council explained that crypto has elements of uncertainty, wagering, and harm. Cryptocurrency Is Forbidden for Muslims Under Islamic Law in Indonesia Indonesia’s Ulema Council (Majelis Ulama Indonesia or MUI), the country’s top Islamic body that holds the authority on Shariah compliance, has reportedly declared the use of crypto as a currency haram, forbidden under Islamic law for....
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The Indonesian Islamic group NU says crypto is too volatile to be legal under Islamic law. The East Java branch of one of Indonesia’s largest Islamic organisations Nahdlatul Ulama (NU) has issued a Fatwa deeming the use of cryptocurrency ‘haram’, or forbidden, under Islamic law. A Fatwa is a nonbinding legal opinion on Islamic law, which is reached through a discussion called a bahtsul masail. Representatives from the Nahdlatul Ulama (PCNU) Branch Management and several Islamic boarding schools throughout East Java attended the bahtsul masail.Interest in cryptocurrency has surged in....
While the MIU is a government-funded organization, its latest decision is not legally binding in Indonesia. The National Ulema Council (MUI), Indonesia’s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the tenets of Islam. Asrorun Niam Sholeh, chairman of MUI’s Fatwa Commission, confirmed the religious authority’s rejection of cryptocurrencies due to alleged elements of “uncertainty, wagering and harm.”In order for the MIU to endorse crypto trading, cryptocurrencies like Bitcoin need to abide by Shariah guidelines as a....
A provincial branch of one the largest Islamic organizations in Indonesia has declared cryptocurrency “haram,” or forbidden under religious law. The decision came after a “heated discussion” joined by a crypto expert who was invited to explain in detail the practice of using digital coins. Cryptocurrency Deemed ‘Haram’ in Indonesia The local branch of the Indonesian religious organization Nahdlatul Ulama in East Java has recently issued a fatwa on the status of cryptocurrencies under Islamic law. According to the nonbinding opinion, digital....
The warning from the Financial Services Authority (OJK) comes on the heels of several calls for a crypto ban from Islamic NGOs in the country. Indonesia’s financial watchdog the Otoritas Jasa Keuangan (OJK) warned financial institutions in the country against offering or facilitating crypto-asset sales.On Tuesday, the official Instagram account for OJK posted a warning against the growing number of crypto Ponzi schemes and risks of crypto investments owing to the market’s volatility. The official post also quoted the chairman Wimboh Santoso who said financial institutions are strictly....
“CBDC would be part of an effort to address the use of crypto in financial transactions,” Bank of Indonesia’s assistant governor Juda Agung said. Central bank digital currencies (CBDC), digital versions of national currencies introduced in response to growing cryptocurrency adoption, would be an essential tool for combating crypto, according to the Bank of Indonesia.The central bank of Indonesia is considering launching a digital rupiah to “fight” against cryptocurrencies like Bitcoin (BTC), Bank of Indonesia’s assistant governor Juda Agung said at a recent parliamentary meeting.“A CBDC....