TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Indonesia’s national Islamic council claims Bitcoin (BTC) is haram

by souhaib
November 11, 2021
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


The top Islamic scholarly body in Indonesia, National Ulema Council (MUI), has declared Bitcoin (BTC/USD) haram, saying it is forbidden by the principles of Islam. A report unveiled this news earlier today, citing Asrorun Niam Sholeh, the Chairman of MUI’s Fatwa commission, who spoke after the council held an expert hearing. Reportedly, MUI believes BTC features aspects of uncertainty, wagering, and harm.

According to the report, MUI discussed BTC as part Ulama Fatwa Commission, which seeks to address Indonesia’s social, political, economic, and legal issues through the eyes of Islamic law. In the discussion, the council agreed to endorse BTC as a commodity or digital asset if it adheres to Shariah rules and if it can show a clear benefit.


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

With Indonesia housing the largest Muslim population, MUI’s has a lot of influence, seeing as the finance ministry and the central bank consult the entity on issues regarding Islam financing.

The Indonesian government supports cryptos by allowing digital assets to trade alongside commodity futures as investment options. Additionally, the government has been pushing for the creation of a crypto-focused exchange by the end of 2021. However, cryptocurrencies are not considered currencies, seeing as the rupiah is the only legal tender in Indonesia.

While MIU is a government-funded organization, its decision is not legally binding. Nonetheless, the decree might inspire legislation that might see the government might nip its crypto plans in the bud.

Crypto trading in Indonesia might suffer a blow

While MIU’s decree does not mean Indonesia will halt all crypto trading, it might prevent Muslims from investing in digital assets. Reportedly, crypto transactions in Indonesia amounted to $26 billion (£19.41 billion in the first five months of 2021.

With MIU declaring that BTC is haram, this value might plunge. Apart from investors, MIU’s decision might influence local institutions to stop offering crypto services.

While MIU has declared BTC haram, it is worth noting that other countries with a vast population of Muslims have varying outlooks. For instance, the United Arab Emirates allows crypto trading in Dubai’s free zone, and Bahrain has supported crypto assets since 2019.

This news comes after BTC recorded a new ATH at $68,789.63 (£51,361.78) yesterday. At the time of writing, the flagship cryptocurrency is changing hands at $65,299.89 (£48,756.16) after losing 4% over the past 24 hours.

Invest in crypto, stocks, ETFs & more in minutes with our preferred broker,

eToro






10/10

67% of retail CFD accounts lose money



Source link

You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Apple iPhone 12 Mini, 128GB, Blue – Fully Unlocked (Renewed) Discount

Next Post

Affresh Washing Machine Cleaner, Cleans Front Load and Top Load Washers, Including HE, 6 Tablets Discount

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Affresh Washing Machine Cleaner, Cleans Front Load and Top Load Washers, Including HE, 6 Tablets Discount

No Result
View All Result

Recent Posts

  • Learn How to Flip Websites For a Fantastic Income !! Reviews 2022
  • Horror in south east France as tourist plane crashes into mountains, killing all five onboard 
  • PlayOffs NBA 2022: Doncic debuts shoes as a tribute to Real Madrid for reaching the Euroleague final
  • Last minute of the war in Ukraine, live | Zelensky affirms that only diplomacy will end the war | International
  • Casey White must provide a DNA sample to prosecutors

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide

loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.