Bitcoin declared 'haram' by national Islamic council of Indonesia
Indonesia's top Islamic scholarly body, the National Ulema Council or simply the MUI, revealed that cryptocurrencies like Bitcoin are 'haram' or forbidden by Islamic law, and hence, every person following the religion must stay away from it.
Bitcoin has 'haram' elements
According to the statement by Asrorun Niam Sholeh, chairman of MUI's Fatwa Commission, cryptocurrencies have the alleged elements of "uncertainty, wagering and harm." Sholeh further stated that cryptocurrencies need to show a "clear benefit" and abide by the laws of Shariah. MUI doesn't consider these blockchain-based virtual currencies as a commodity or digital assets.In a recent discussion led by Sholeh and the Ulama Fatwa Commission, Bitcoin and other cryptocurrencies were discussed. The Fatwa Commission is responsible for addressing some of Indonesia's biggest and most serious social, political, economic and legal problems and where they stand from a religious perspective.
"We invite various experts in their fields, including through FGDs (forum group discussions) related to crypto asset issues, inviting CoFTRA and business actors as well as related policy holders," said Sholeh.
In a similar statement issued during late October, the East Java branch of one of Indonesia's largest Islamic organizations Nahdlatul Ulama (NU) cleared the air surrounding cryptocurrencies. The statement or "fatwa" provided by the organization declared Bitcoin haram.
"The participants of the bahtsul masail have the view that although the government recognizes cryptocurrency as a commodity, it cannot be legalized under Islamic sharia law," said Kiai Azizi Chasbullah, chairman of the East Java branch of NU.
A legal decision?
Although the MUI is a legally recognized authority in Indonesia, the decision taken by the organization is not legally binding but is viewed from the eyes of the Islamic religious laws. As Bloomberg pointed out, this decision from the government-funded MUIL might deter many Muslims from investing in Bitcoin and other cryptocurrencies.But, from a legal perspective, the trading of cryptocurrencies in the nation is still active and not punishable.
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