Cryptocurrency Is Unlawful For Muslims, Indonesia’s Top Religious Council Says

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Cryptocurrency Is Unlawful For Muslims, Indonesia’s Top Religious Council Says
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The ruling could have a major affect on Muslims’ financial decisions:

, the council advises Indonesia's government, including its finance ministry, on finance and banking matters for Muslims—around 87% of Indonesians follow Islam.

The council’s head of religious decrees, Asrorun Niam Sholeh, said crypto has elements of uncertainty and harm, whichAsrorun added the use of digital tokens as a commodity to trade is also forbidden, citing their lack of a clear value and physical structure.change , saying the council could approve cryptocurrency if modifications are made to comply with Sharia law, according to Bloomberg.

Total crypto transactions in Indonesia totaled 370 trillion rupiah, or $25.96 billion, between January and May this year,232.3 million. That’s the approximate number of Muslims in Indonesia, where nearly nine in ten of its population is Muslim,

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