Indonesia, the world’s largest Muslim-majority country, bans the use of crypto as a currency, but investment and trading of digital tokens is allowed in the commodities and futures market.
The total value of
cryptocurrency trading on the commodities exchange reached 370 trillion rupees ($ 25.96 billion) this year through May, according to the commerce ministry.
The total trade at the end of 2020 was estimated at 65 trillion rupees. The number of traders reached 6.5 million against 4 million.
As a means of payment, cryptocurrencies are prohibited under Sharia law because they carry elements of uncertainty and prejudice, and are in violation of state laws, Asrorun Niam Sholeh, chief executive officer, told Reuters. religious of the MUI.
Trading in cryptocurrencies as a commodity is also illegal, with MUI comparing it to gambling because it does not follow Islamic rules, such as the commodities having a physical form, a clear value, and an exact amount known. , among other reasons. , he said.
However, the MUI allows the trading of cryptocurrencies that meet Islamic rules, have an underlying asset, and have clear advantages, Asrorun said.
The commodity exchange allows trading of hundreds of cryptocurrencies that meet the security and good governance requirements of the blockchain system.
The MUI decree is not legally binding because it is not part of the government, but its decision may affect the investment decisions of some Muslims.
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Sources
1/ https://Google.com/
2/ https://www.cnn.com/2021/11/11/business/indonesia-ulema-council-crypto-intl-hnk/index.html
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