Indonesia’s National Ulema Council has deemed cryptocurrencies as haram, or banned.
Asroron Niam Chule, head of Indonesia's Council of Religious Leaders (MUI), said Thursday that cryptocurrencies are "haram" and prohibited from being traded, because their trading contains some uncertainty or betting.
The Council of Religious Leaders of Indonesia (MUI) has the authority to do so with regard to compliance with Islamic law in the country with the world's largest Muslim population, while consulting the Ministry of Finance and the Central Bank on funding issues.
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| Indonesia’s national religious council says crypto is forbidden |
While the council’s decision is clear, it does not mean that all cryptocurrency trading in Indonesia will be halted, as the decision may deter Muslims from investing in foreign assets and make local institutions reconsider issuing new crypto assets.