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The use of cryptocurrency assets has been banned for Muslims according to the Indonesian Religious Council, Bloomberg reports.
The National Ulema Council has stated that all operations with cryptocurrencies are now considered haram or banned. Head of religious decrees stated after the expert hearing that was held on Thursday.
The main issue with cryptocurrency is its’ ability to show a clear benefit hence be traded which is strictly prohibited by Shariah.
MUI is considered an authority on Shariah in Indonesia which holds the title of the world’s largest Muslim population. The country’s regulators like the finance ministry and central bank are always working with the Council on financial topics.
The decision of the council doesn’t necessarily mean that trading in the country stops now. The decision on the status of financial operations with digital currencies will be made by the finance ministry. Previously, the Bank of Indonesia has been preparing to release a central bank digital currency but hasn’t confirmed its decision to do so in the future.