crypto-assets ban for Muslims in Indonesia: Indonesian Religious Council

malawi ban crypto

Indonesian Religious Council decided to ban crypto use for the whole Muslim religion in Indonesia. 

On 11 November, Bloomberg published a report on the crypto discussion. According to the published report of Bloomberg, The National Ulema Council considered Cryptocurrencies haram (ban). And now no one can use the crypto for trading or any other purpose. 

According to the report, the head of the council passed his statement after a meeting on the crypto legality on 11 November with the members of the council. 

According to the head of the council, crypto assets are directly showing huge profit based attractive things, that is why they should not be traded and should be under high restriction overuse by the Sharia. 

Autorun Niam Sholeh, the head of religious decrees, said: 

“If cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded”

Indonesia is a Muslim population-based country. And MUI is considered as the organisation on Sharia, in Indonesia. In the past, financial regulators & Central banks of Indonesia worked with the Council in the matters of Financial agendas. But here the statement of the Council’s head is individual.

However, here it is not a legal statement by the financial authorities of Indonesia and here we can not consider crypto-related operations to be banned. Probably there are huge chances that Financial regulators will pass their statement on this decision of the council. However, experts believe that financial regulators will ignore this statement because crypto is integrating the whole world with its decentralized power and there are no boundaries in the blockchain that can categorise people by any religion.

Read also: American firm CryptoFED’ token registration halted by SEC agency