The use of cryptocurrency assets as currency is forbidden for Muslims, according to the Indonesian Religious Scholars Council (MUI).

MUI considers that cryptocurrency is banned, as there are elements of insecurity, betting and financial damage, Telegrafi reports.

"If cryptocurrency as a commodity or digital asset can adhere to the principles of Sharia [Islamic law] and can show a clear benefit, then it can be traded," said MUI chief Asrorun Niam Sholeh, according to Bloomberg. .

JUST IN: Using crypto is forbidden for Muslims, Indonesia's council of religious leaders rules

- Bloomberg (@business) November 11, 2021

This religious council holds the authority for Sharia compliance in the country with the largest Muslim population in the world.

The decision by the MUI does not mean that all cryptocurrency trading will be stopped in Indonesia, the decree could prevent Muslims from investing in assets and make local institutions reconsider issuing these currencies.

/ Telegraphy /