February 2, 2023

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Cryptos is now “haram” in Indonesia – Bitcoin ban for millions of Muslims! – Business

Crypto ban for Muslims!

The National Sharia Council in Indonesia has classified Bitcoin and other cryptocurrencies as banned (“haram”). Reason: Cryptocurrencies are “like gambling”, “unsafe” and “dangerous”.

Be Rebecca Schönenbach, an economist and Islamic economist, explains in the BILD: “Prohibition, haram, speculation and gambling – everything associated with the highest risk. Therefore, some Sharia scholars consider that Bitcoin and other cryptocurrencies can be used in the direct, current payment process, but not assets. ”Reason: At the time of purchase, the price of goods and bitcoin is determined. There is no speculation.

Simply put: Sharia scholars oppose bitcoin as an investment, but not as a means of payment.

Problem: In Indonesia, bitcoin is considered an asset only (i.e. a financial investment), not a currency. According to the expert, this may be due to the banning of the Sharia Council of “Ulema”.

In general, Sharia experts disagree, according to Schoenbach. “Some differentiate between different cryptocurrencies, while others support the creation of Islamic cryptocurrencies.”

According to the expert, opponents of Sharia crypto will refer to the status of bitcoin in state laws, which must first be clarified. “Otherwise the risk is too high and it will leave crypto haram.”

The decision by Indonesian Muslims did not affect the Bitcoin rate: as of Friday afternoon, the rate was still $ 65,000.

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