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

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

Share to Linkedin The Indonesian Ulema Council, a top body of Islamic scholars, said Thursday cryptocurrency as a means of payment and a commodity to trade is unlawful for Muslims in that country that has the world's largest Muslim population, according to multiple reports, a ruling that could affect Muslims' financial decisions in that country though the council does not have legal powers. (Photo by Dan Kitwood/Getty Images) According to Fortune, 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, which forbids it as a payment option under Sharia law, Reuters reports. Asrorun added the use of digital tokens as a commodity to trade is also forbidden, citing their lack of a clear value and physical structure. Crypto is traded and invested in Indonesia's commodities and futures market. Asrorun left room for 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, according