{"id":365489,"date":"2021-11-11T14:27:36","date_gmt":"2021-11-11T11:27:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/indonesias-national-islamic-council-reportedly-declares-bitcoin-haram\/"},"modified":"2021-11-11T14:27:36","modified_gmt":"2021-11-11T11:27:36","slug":"indonesias-national-islamic-council-reportedly-declares-bitcoin-haram","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/indonesias-national-islamic-council-reportedly-declares-bitcoin-haram\/","title":{"rendered":"# Indonesia’s national Islamic council reportedly declares Bitcoin haram"},"content":{"rendered":"

“# Indonesia’s national Islamic council reportedly declares Bitcoin haram <\/strong>”
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The National Ulema Council (MUI), Indonesia\u2019s top Islamic scholarly body, has reportedly found cryptocurrencies like Bitcoin (BTC) to be haram, or forbidden, by the tenets of Islam.\u00a0<\/p>\n

Asrorun Niam Sholeh, chairman of MUI\u2019s Fatwa Commission, confirmed the religious authority\u2019s rejection of cryptocurrencies due to alleged elements of \u201cuncertainty, wagering and harm.\u201d<\/p>\n

In order for the MIU to endorse crypto trading, cryptocurrencies like Bitcoin need to abide by Shariah guidelines as a commodity or a digital asset and show a \u201cclear benefit,\u201d Sholeh reportedly said<\/a> following an expert MIU hearing.<\/p>\n

The MIU discussed<\/a> Bitcoin as part of the Ulama Fatwa Commission, which is designed to address some of Indonesia\u2019s biggest social<\/a>, political, economic and legal issues through the lens of Islamic law.\u00a0<\/p>\n

The MIU\u2019s East Java branch previously issued a fatwa<\/a> \u2014 <\/em>a \u201cformal ruling or interpretation on a point of Islamic law given by a qualified legal scholar\u201d \u2014<\/strong> <\/em>declaring the use of cryptocurrency haram in late October.<\/p>\n

While the MIU is a government-funded organization, the council\u2019s latest decision is reportedly<\/a> not legally binding.\u00a0Despite the MUI admitting that the fatwa <\/em>is not law in Indonesia, it still can be used as a source of \u201clegislative inspiration,\u201d according to some sources.<\/p>\n

According to Bloomberg, the latest decision from the MUI doesn\u2019t mean that all crypto trading will be stopped in Indonesia. However, the council could deter Muslims from investing in crypto and make local institutions reconsider issuing crypto assets.<\/p>\n

Related: <\/em><\/strong>Indonesia leads global surge in interest in crypto<\/em><\/strong><\/p>\n

The news<\/a> comes shortly after Bitcoin briefly passed the $69,000 price mark for the first time in history on Nov. 10.<\/p>\n

The Indonesian government has taken a mixed stance on crypto regulation. Despite putting a blanket ban on cryptocurrency payments back in 2017, local authorities have preferred to keep crypto trading legal. In August, local crypto exchange\u00a0\u00a0Pintu raised $35 million from some of the biggest investors in the crypto and blockchain industry.<\/p>\n