New Delhi, 11/11: The Council of Religious Leaders of Indonesia has declared cryptocurrency Haram for Muslims. Along with this, the Islamic organization has issued a fatwa regarding this. The National Council of Ulema or MUI has deemed cryptocurrencies haraam or banned, because of the elements of uncertainty, bets and pitfalls. Asrorun Niyam Sholeh, the head of religious rules, said this after an expert hearing by the council on Thursday. He added that if cryptocurrency as a commodity or digital asset can comply with Sharia principles and show clear advantages, then it can be traded.
However, MUI’s decision does not mean that all cryptocurrency trading in Indonesia will be stopped. This decision may prohibit Muslims from investing in property and reconsider issuing crypto assets to local institutions. Bank Indonesia is considering a central bank digital currency, although no decision has been announced yet
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