Cryptocurrency Is Illegal for Muslims in Indonesia, according to the country’s religious leaders.
Indonesia’s Council of Religious Leaders has said that Muslims are not allowed to use bitcoin, Bloomberg reported on Thursday.
According to the National Ulema Council (MUI), Indonesia’s authority on Shariah compliance, crypto is prohibited because of the inherent ambiguity and gambling that it contains.
Religious decrees chief Asrorun Niam Soleh said that if a cryptocurrency complies with Shariah law and has a demonstrable advantage, it might be sold as a commodity.
With a Muslim population of 237 million, Indonesia accounts for around 12.7% of the global total.
In light of the COVID-19 pandemic, it was reported earlier this year that Indonesia planned to tax profits from crypto trading.
Cryptocurrency trading has been allowed despite the country’s central bank deeming it “not a legal medium of payment.”
More than 4 million cryptocurrency investors reside in Indonesia, according to the country’s commodities futures trading authority, Bappebti.
