You must already be aware that cryptocurrency is a digital currency used to buy services and goods digitally. It uses an online ledger that has strong cryptography to keep online transactions secured. Many countries have made it official to do business in cryptocurrency. However, some countries have completely banned the use of Bitcoin and its likes.
Muslim countries, particularly, have reservations about using cryptocurrency. That is why the countries with reservations against this mode of payment have the Islamic countries at the top of the list.
Indonesia has banned the use of cryptocurrency on a state level with a fatwa. It was deemed forbidden by the ‘’National Ulema Council” MUI because a level of uncertainty, harm, and wagering can happen by its use.
However, there is an exception in the rule against cryptocurrency introduced on 11th November 2021 by Asrorun Niam Sholeh. He said that if the currency is used for digital assets and as a commodity for the benefit that abides by Sharia laws, then it can be used for trading. The MUI holds the most weight in the country for the World’s largest Muslim population. Their hold is so widespread that even the finance minister consults them on Islamic finance issues.
Read the full article in KMWALTR #001