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Sunday, November 28, 2021

Indonesian clerics slap ban on Muslims’ trading cryptocurrency

The virtual currency popularly known as cryptocurrency has been banned for Muslims by the Indonesian Ulema Council, a top body of Islamic scholars.

The body cites the reason behind banning it being a way of payment and a commodity to trade as illegal for Muslims because it could hamper Muslims’ financial decisions in the country.

The National Ulema Council of the world’s largest Muslim country has termed cryptocurrency as haram or prohibited, as it holds factors of uncertainty and betting. Announcing the decision, council’s head Asrorun Niam Sholeh said if cryptocurrency as a commodity or digital asset can follow the Shariah (Islamic) laws and can give a vivid benefit, only then it can be used for trading.

The decision by Indonesian religious scholars differ from their counterparts in other Muslim countries as the U.A.E. has given a free hand to crypto trading in Dubai’s free zone while Bahrain is also lending its support to crypto assets since 2019.

So far, only El Salvador has accepted the world’s largest cryptocurrency Bitcoin as its currency.

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