Indonesian Islamic association gives new fatwa against crypto use

January 20, 2022

crypto trade in Indonesia

The fatwa pointed towards two basic issues with digital currencies that make them unlawful as a speculation apparatus just as a mechanism of trade.

The Tarjih Council and the Central Executive Tajdid of Muhammadiyah, one of the biggest non-government Islamic associations in Indonesia, gave another fatwa against cryptographic money use, considering it haram, or unlawful, for Muslims.

Muhammadiyah turned into the third Indonesian Islamic association to give a fatwa against digital currency use. Prior, in November 2021, the Indonesian Ulema Council (MUI), the most elevated administrative body in the nation pronounced crypto haram as a value-based instrument. Nonetheless, it noticed that crypto resources can be utilized as a venture instrument assuming they keep sharia principles. In October 2021, another major Islamic association the Nahdlatul Ulama (NU) likewise considered crypto haram because of its theoretical nature.

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