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Indonesia cryptocurrency ban
We've received your submission. The group — which receives funding from the Indonesian state but is not considered a government agency — deemed cryptocurrency haram , or banned under Islamic law, because it has elements of uncertainty, wagering and harm, Asrorun Niam Sholeh, head of religious decrees, said, according to Bloomberg.
However, if a given cryptocurrency is able to show a clear benefit as a commodity or digital asset, it would then abide by the tenets of Shariah law, the Islamic scholar added. The various provinces in Indonesia embrace Shariah to different extents. Only Aceh province, for example, applies Shariah to criminal law — criminalizing pre-marital sex, the breaking of Islamic dress rules and other strict interpretations, which are punishable by public caning.
The decree could also keep Indonesia-based banks from offering crypto services. November 11, am Updated November 11, am. Recommended How bad is bitcoin for the environment really? Crypto experts discuss bitcoin price predictions What is Solana? The crypto rising times faster than bitcoin. Register for free to continue reading. Registration is a free and easy way to support our truly independent journalism By registering, you will also enjoy limited access to Premium articles, exclusive newsletters, commenting, and virtual events with our leading journalists.
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