Indonesia’s Religious Leaders Declare Crypto Illegal for Muslims: Report

Muslims are forbidden from using crypto, Indonesia’s council of religious leaders has declared, Bloomberg reported on Thursday.

• Crypto is forbidden due to the elements of uncertainty and wagering, Indonesia’s authority on Shariah compliance, the National Ulema Council (MUI), announced following a hearing.

• Asrorun Niam Soleh, head of religious decrees, added that a crypto could be traded as a commodity if it abides by Shariah law and demonstrates a clear benefit.

• Indonesia has one of the world’s largest Muslim populations with around 237 million, roughly 12.7% of the world’s total.

• While the country’s central bank declared crypto “not a legitimate instrument of payment” in January 2018, trading has been permitted.