Analysis: Indonesia’s ruling on haram crypto raises eyebrows
Indonesia’s MUI has deemed ‘using’ cryptocurrency to be haram, but the ruling does not chime with Islamic scholars and regulators around the world.
In early November, Indonesia's National Ulema Council (MUI), the country's top Muslim clerical body, ruled that "using" cryptocurrency is haram (not permissible), due to its "uncertainty" and "potential for wagering and harm".
The 11 November ruling, which was not accompanied by any public clarification of MUI's position on what constitutes "using" cryptocurrency, sent ripples through the Islamic world and reignited discussions about the role of the rapidly expanding digital assets sector in Sharia-compliant finance.
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Laura Syrett