In a recent report released by Bloomberg, Indonesia's Council of religious leaders has banned the use of cryptocurrency assets for Muslims.
The National Ulema Council (MUI) has decided that all operations involving cryptocurrencies are from now on banned as they are deemed 'haram' for all Muslims, stating reasons of uncertainty and harm.
Following an expert hearing held on Thursday, the head of religious decrees, Asrorun Niam Sholeh, released a statement announcing the decision.
Cryptocurrencies fail in establishing a clear benefit to those involved and are thus are strictly forbidden and should not be traded according to Sharia tenets.
Indonesia has the largest population of Muslims in the world and the MUI accounts as the main authority in Sharia. The Council works closely with the country's regulators such as the Central Bank and the Ministry of Finance to advise on financial matters.
However, according to the Council, the decision need not be enacted immediately, meaning that, there are cases where cryptocurrency trading may still take place. The Ministry of Finance is to decide on the status of financial operations with cryptocurrencies.
Although it is said that Indonesia was making arrangements to launch a digital currency backed by the Central Bank, this is yet to be confirmed.
[Based on reporting by: U Today]
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