Crypto trade FORBIDDEN for Muslims, largest Islamic nation’s religious council rules — RT World News

Cryptocurrency trading has been deemed ‘haram’ – or forbidden – by one of Indonesia’s top religious authorities, urging some 230 million Muslims in the world’s largest Islamic country to drop coins that run afoul of Sharia law.

The Indonesian Ulema Council, known locally as the MUI, issued the anti-crypto fatwa on Thursday, with Asrorun Niam Sholeh, the org’s head of religious decrees, stating they exhibit “elements of uncertainty, wagering and harm,”Reuters reported that they were likened to gambling. Bloomberg also reported.

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Though the MUI’s decrees are not legally binding, its latest ruling could be influential with Indonesia’s more than 230 million Muslims, in a country where crypto trading has exploded over the last year. Between 2020 and 2021, Indonesians were involved in the cryptocurrency market at a rate of 4 to 6 million. Meanwhile, trade ministry reported that crypto-exchange value had reached $29.96 billion ($370 trillion) as of May.

While the Indonesian government has already banned the use of crypto as a currency – with the rupiah the country’s sole legal tender – it allows investment and trading in the digital tokens in futures and commodities markets, and its central bank has even considered rolling out its own crypto coin. 

The MUI’s decision also barred commodities trades for the electronic assets, however the body left open some chance that particular cryptos could be in line with Islamic law, or Sharia, which requires that goods and financial instruments have “a physical form, a clear value, and a known exact amount,”Sholeh added that Sholeh mentioned many other properties. Sholeh said that crypto currencies can be used to create new properties. “meet Islamic rules, have an underlying asset and carry clear benefits,”These could be permissible.

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