One of Indonesia’s largest Islamic institutions, the council affiliated with Muhammadiyah, has issued a new fatwa that considers cryptocurrencies to be haram.
In the statement published on Muhammediye’s own site, cryptocurrencies such as Bitcoin (BTC) are both investment tool both one means of payment declared to be illegal.
Cryptocurrencies in a speculative structure It is stated that it is not based on any asset (such as gold) and therefore it is haram to invest in crypto money.
Cryptocurrencies such as Bitcoin, in case of agreement of the parties for shopping can be used, nevertheless legal size as well as users in terms of security will cause problems, therefore cryptocurrencies as a means of payment It has been declared that its use is also prohibited.
Muhammadiya became the third Islamic institution to issue a fatwa against the use of cryptocurrencies in Indonesia. Unlike him, at the end of last year, a fatwa was issued by the Indonesian Ulema Council, declaring that the use of cryptocurrencies for payment purposes is prohibited, but this fatwa does not refer to cryptocurrencies. under certain conditions investment can be made was specified.