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Cryptocurrencies to be banned for Muslims

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A religious authority has demanded that cryptocurrencies be banned for Muslims

The use of cryptocurrencies is not in line with sharia law and should be banned from Muslims, according to the religious body of the world’s largest Muslim country, Indonesia.

Bloomberg reported that the Ulema National Council, the country’s highest spiritual body, has ruled that cryptocurrencies are “haram” or banned due to elements of uncertainty and betting.

Cryptocurrencies can only be traded if they show clear benefits and adhere to Sharia principles (a set of Islamic laws governing Muslims and derived from the teachings of the Qur’an), said the local head of religious decrees.

The Ulema National Council was established in 1975 and has considerable religious, political and legal power in Indonesia. Its decrees are not binding, but they can affect the way Muslims view digital currencies. It remains to be seen how the statement will affect the country, which has a population of 270 million.

However, the Indonesian government allows trading in digital assets as an investment opportunity. The total value of trade in cryptocurrencies in Indonesia reached about $ 25.96 billion from January to May this year, according to the local Ministry of Commerce, quoted by Reuters.

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