Indonesia’s religious council declares Crypto forbidden for Muslims: Report
The National Ulema Council holds the authority on the Shariah compliance in the country which is home to the world’s largest Muslim population.
New Delhi: Indonesia’s council of religious leaders on Thursday went on to announce the use of crypto assets as a currency is forbidden for Muslims, says a report.
As per reports, The National Ulema Council has considered cryptocurrency as haram, banned, or illegal as it has elements of uncertainty, wagering, and harm. Asrorun Niam Sholeh, head of religious decrees said that If cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded.
The National Ulema Council holds the authority on the Shariah compliance in the country which is home to the world’s largest Muslim population.
The decision taken by the council doesn’t mean that all cryptocurrency trading will be banned or stopped in Indonesia. The announcement could deter Muslims from investing in the virtual coins and make local institutions reconsider issuing crypto assets.
Earlier this year, it was reported that Indonesia was planning to tax profits on crypto trading amid the COVID-19 pandemic. As per Indonesia’s commodity futures trading regulator Bappebti there are around 4.45 million crypto investors in the country.