The National Council of Indonesia’s Urals (MUI) forbade Muslims to use cryptocurrency as a means of means. Digital money was recognized by Haram, because their cost depends on unpredictable factors, writes Reuters with reference to the head of the separation of religious decrees Asrorun Niac Schaolheh.
However, the MUI position relative to digital assets is ambiguous. On the one hand, Asrorun calls the cryptocurrency trade as a commodity illegal and compares it with gambling, since digital money does not have physical form and fixed value. At the same time, MUI allows you to trade cryptocurrencies that correspond to the principles of Sharia, that is, they have provision and “have obvious advantages.”
MUI is not included in the government of the country, therefore, the decree of Asian religious leaders has no mandatory legal force, but it may affect the investment solutions of many Muslims. The Council is the highest religious body and is responsible for compliance with Sharia in Indonesia, where the most numerous Muslim community in the world lives.
Indonesia’s authorities, in turn, support cryptoacivities, allowing them to trade on a par with commodity futures, as well as invest in them. By the end of the year, the country even plan to create a separate cryptocurrency-oriented exchange. However, Rupee is the only legitimate payment facility in the country, and the use of digital money as a currency is not permitted.
The position of the religious leaders of Indonesia differs from the opinion of the clergy in other countries with the Muslim majority. The United Arab Emirates were allowed to trade in cryptocurrencies in the free zone of Dubai, and Bahrain supports cryptoaculation since 2019.
In early November, the capitalization of the cryptocurrency market has updated the record and for the first time exceeded three trillion dollars. The total cost of all digital assets has reached a maximum after the rise in price of Bitcoin. On November 8, the most popular cryptocurrency reached a cost of 67 thousand dollars, and on November 10 grown to record 69 thousand dollars.