Using crypto possessions as a currency is prohibited for Muslims in IndonesiaThe use of crypto properties as a currency is prohibited for Muslims, according to Indonesia's council of religious leaders.The National Ulema Council, or MUI, has considered cryptocurrency as haram, or prohibited, as it has aspects of unpredictability, betting and damage, Asrorun Niam Sholeh, head of religious decrees, said on Thursday after the council held an expert hearing.
If cryptocurrency as a commodity or digital possession can follow Shariah tenets and can reveal a clear advantage, then it can be traded, he added.MUI holds the authority on Shariah compliance in the nation that's house to the world's biggest Muslim population, with the finance ministry and central bank consulting them on Islamic finance concerns.
While the choice from MUI does not indicate all cryptocurrency trading will be stopped in Indonesia, the decree could deter Muslims from investing in the assets and make local institutions reconsider providing crypto possessions.
Bank Indonesia has been mulling a central bank digital currency, with no decision revealed as.(Except for the heading, this story has actually not been modified by TheIndianSubcontinent personnel and is published from a syndicated feed.)