Indonesia has recognized cryptocurrency as a banned asset for Muslims
The decision was made by the National Council of Religious Leaders of this country
12.11.2021 - 09:40
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What’s new? According to Bloomberg, the National Ulema Council of Indonesia has banned Muslims from using bitcoin and other cryptocurrencies throughout the country.
What is the reason for the ban? According to the organization’s representatives, cryptocurrencies are recognized as a sin because they may be compared to betting games. The reason is the uncertainty of value and legal status. In addition, cryptocurrency is often used to defraud users and cheat, which is against Islamic law.
The head of the Council, Asrorun Niam Soleh, stressed that the decision may be revised in the future. This will happen if bitcoin or any other asset in question complies with the main principles of Shariah.
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