Indonesian Muslim Council Bans Cryptocurrency

The leaders of the Indonesian Muslim Council forbid Muslims from using crypto-assets as currency.

Indonesian Islamic Council bans the use of crypto assets

According to information from Bloomberg, Indonesia’s National Council of Religious Leaders (MUI) has listed cryptocurrencies as “haram” – that is, banned. The reason given is because cryptocurrencies have elements that are dubious, gambling, and harmful.

However, MUI also affirmed that if cryptocurrencies are used as digital assets, comply with Sharia creed, and show clear benefits, people are still allowed to transact this property.

It is known that the National Council of Religious Leaders (MUI) is the organization that administers the Sharia law of Indonesia, one of the countries with the largest number of Muslims in the world.

MUI’s statement does not mean that crypto assets will be banned in Indonesia. However, they will also pose a barrier to Muslims who want to invest in this sector. And this statement also causes domestic institutions to consider more carefully before deciding to issue digital currency.

Indonesia’s central bank has previously expressed its intention to build its own digital currency. But it has yet to make an official statement to confirm this.

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