Crypto activities are banned by the religious law of Indonesia’s largest Islamic organization, the Nahdlatul Ulama. There was a heated debate before it was concluded that Bitcoin and altcoins were declared “illegal”. In previous events, the idea of prohibition was not welcomed by many Muslims.
Bitcoin and altcoins declared “haram”
The debate over whether cryptocurrencies should be considered haram in Islam is not new, but no official decision has been made in Indonesia so far by a major organization like Nahdlatul Ulama. This decision has taken many by surprise since the crypto trading market exploded. Muslim scholars have for some time considered that cryptocurrencies are not an “honest business” and compare the coins to gambling and other activities considered to be against Islamic religious law.
An announcement posted on the website of the East Java Nahdlatul Ulama department on Sunday quotes chairman Kiai Azizi Chasbullah as saying: “The Bahtsul masail participants are of the opinion that although the government considers cryptocurrency a commodity, it cannot be legalized under Islamic sharia law.”
cryptocoin.com As we reported, interest in cryptocurrency in Indonesia has increased over the past year. Earlier this month, a report by Coinformant reported that Indonesia saw a massive 1,772 percent increase in the number of people interested in articles about crypto over the course of 2021.
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