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Breaking: Crypto Is Now Banned For Muslims, According To Indonesian Religious Council

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Thu, 11/11/2021 - 10:01
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Arman Shirinyan
The cryptocurrency industry might lose the Indonesian market due to new religious restrictions
Breaking: Crypto Is Now Banned For Muslims, According To Indonesian Religious Council
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The use of cryptocurrency assets has been banned for Muslims, according to the Indonesian Religious Council, Bloomberg reports

The National Ulema Council has stated that all operations with cryptocurrencies are now considered haram, or banned. The head of religious decrees made this statement after the expert hearing that was held on Thursday.

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The main issue with cryptocurrency is its ability to show a clear benefit; hence, it should not be traded and is strictly prohibited by Sharia.

MUI is considered an authority on Sharia in Indonesia, the country with the world's largest Muslim population. The country's regulators, like the finance ministry and central bank, are always working with the Council on financial topics.

The decision of the council does not necessarily mean that trading in the country stops now. The decision on the status of financial operations with digital currencies will be made by the finance ministry. Previously, the Bank of Indonesia was preparing to release a central bank digital currency, but it has not confirmed its decision to do so in the future.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.