Indonesia’s national religious council says crypto is forbidden!

[Kool-Aid]

Indonesia’s national religious council says crypto is forbidden

National Ulema Council has deemed cryptocurrencies as haram, or banned.

www.aljazeera.com

The use of crypto assets as a currency is forbidden for Muslims, according to Indonesia’s council of religious leaders.

The National Ulema Council, or MUI, has deemed cryptocurrency as haram, or banned, as it has elements of uncertainty, wagering and harm, Asrorun Niam Sholeh, head of religious decrees, said on Thursday after the council held an expert hearing. If cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded, he added.

MUI holds the authority on Shariah compliance in the country that’s home to the world’s largest Muslim population, with the finance ministry and central bank consulting them on Islamic finance issues.

The government itself has been supportive of crypto assets, allowing it to be traded alongside commodity futures as an investment option and pushing to set up a crypto-focused exchange by the end of the year. Indonesia doesn’t allow the use of crypto assets as a form of currency, as the rupiah is the only legal tender in the country.

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While the decision from MUI doesn’t mean all cryptocurrency trading will be stopped in Indonesia, the decree could deter Muslims from investing in the assets and make local institutions reconsider issuing crypto assets. Bank Indonesia has been mulling a central bank digital currency, with no decision announced as yet.

Crypto transactions amounted to 370 trillion rupiah ($26 billion) in the first five months of the year in Indonesia, still a fraction of the global market at around $3 trillion.

The stance of Indonesia’s religious leaders may diverge from their counterparts in other Muslim-majority countries. The United Arab Emirates have allowed crypto trading in Dubai’s free zone, while Bahrain have backed crypto assets since 2019.

 

[Odayga_Jabuuti]

Thanks god my government is secular, I am not a fan of theocracies that make laws based on religious books that applies to everyone (muslims/non-muslims)...

 

[Reverse]

Thanks god my government is secular, I am not a fan of theocracies that make laws based on religious books that applies to everyone (muslims/non-muslims)...

Agreed. Islam was never meant to govern that level of government and in today's times. Islam should be practiced based on the believer, not enforced by policing.

 

[Kool-Aid]

Thanks god my government is secular, I am not a fan of theocracies that make laws based on religious books that applies to everyone (muslims/non-muslims)...

Agreed. Islam was never meant to govern that level of government and in today's times. Islam should be practiced based on the believer, not enforced by policing.

Islam or secularism you must choose they are not compatible!

 

[Reverse]

Islam or secularism you must choose they are not compatible!

Governments must be secular. Individuals can choose their religion. Simple as that.

 

[Kool-Aid]

Governments must be secular. Individuals can choose their religion. Simple as that.

Islam or secularism choose!
Islam controls all aspects of one's life including how the country is run!

 

[Reformed J]

Thanks god my government is secular, I am not a fan of theocracies that make laws based on religious books that applies to everyone (muslims/non-muslims)...

I don't think sharia is enforced in Indonesia outside of a small region in Sumatra, Aceh

 

[Kool-Aid]

I don't think sharia is enforced in Indonesia outside of a small region in Sumatra, Aceh

How can you be a muslim country and not have sharia law. All muslim countries should enforce sharia or they should just give up islam and adopt some other system.

 

[Reformed J]

How can you be a muslim country and not have sharia law. All muslim countries should enforce sharia or they should just give up islam and adopt some out system.

Thing is Indonesia doesn't declare itself an Islamic republic. On the other hand, Malaysia and Brunei do enforce sharia for their Muslim citizens.

 

[Kool-Aid]

Thing is Indonesia doesn't declare itself an Islamic republic. On the other hand, Malaysia and Brunei do enforce sharia for their Muslim citizens.

Bro i just don't like the wishy washiness of some muslim countries. They want to be secular and muslim at the same time. That's not possible! Good on Malaysia and Brunei. If you are a muslim country you should enforce sharia!

 

[Reformed J]

Bro i just don't like the wishy washiness of some muslim countries. They want to be secular and muslim at the same time. That's not possible! Good on Malaysia and Brunei. If you are a muslim country you should enforce sharia!

No one wants to be caned sxb unless they're a masochist lol

 

[Kool-Aid]

No one wants to be caned sxb unless they're a masochist lol

Sharia is part of Islam. Thus if the country is a muslim country they should enforce sharia.
You would only get caned if you violate sharia laws

 

[Thugnificent]

Bitcoin is pure speculation(gambling). All the people who "invest" are using the greater fool theory(Google it). There is no intrinsic value in your Shiba inu coins. The price is determined on if Elon decides to tweet.

I know people who trade allot they told me it's all about getting in early and holding until you got a profit.

But everyone can do what they want and live their life. It's just funny to see the hype continue. Pennystocks>dot.com stocks>crypto>nft.

What will be next?

 

[Kool-Aid]

Bitcoin is pure speculation(gambling). All the people who "invest" are using the greater fool theory(Google it). There is no intrinsic value in your Shiba inu coins. The price is determined on if Elon decides to tweet.

I know people who trade allot they told me it's all about getting in early and holding until you got a profit.

But everyone can do what they want and live their life. It's just funny to see the hype continue. Pennystocks>dot.com stocks>crypto>nft.

What will be next?

This crypto bubble has gone on longer then i expected. I wonder when it's all ganna come crashing down.

 

[Thugnificent]

This crypto bubble has gone on longer then i expected. I wonder when it's all ganna come crashing down.

Watch out people will downvote you for saying the b word. They are very emotional.

Warren Buffet once said. "if you get emotional about your investments you're gambling not investing"

 

[reer]

Bitcoin is pure speculation(gambling). All the people who "invest" are using the greater fool theory(Google it). There is no intrinsic value in your Shiba inu coins. The price is determined on if Elon decides to tweet.

I know people who trade allot they told me it's all about getting in early and holding until you got a profit.

But everyone can do what they want and live their life. It's just funny to see the hype continue. Pennystocks>dot.com stocks>crypto>nft.

What will be next?

you could say similar about paper currencies. there is no intrinsic value and it fluctuates. the main difference is most crypto currencies are not under imf or governments.

 

[Thugnificent]

you could say similar about paper currencies. there is no intrinsic value and it fluctuates. the main difference is most crypto currencies are not under imf or governments.

You (and all businesses) have to pay taxes in your governments currency. Because of that there is always a demand. This counts double for the USA because of the petrodollar.

 

[Odayga_Jabuuti]

I don't think sharia is enforced in Indonesia outside of a small region in Sumatra, Aceh

You are right, Indonesia started as a secular country but now it's becoming more religious.
Religious authorities are becoming more powerful. At least that's what my indonesian non muslim friend told me...

 

[Lebron James]

Islam or secularism you must choose they are not compatible!

U live in a western country rn

 

[Odayga_Jabuuti]

Bro i just don't like the wishy washiness of some muslim countries. They want to be secular and muslim at the same time. That's not possible! Good on Malaysia and Brunei. If you are a muslim country you should enforce sharia!

Full scale sharia doesn't really work in 2021.
You should really read about sharia law, we live in an era of globalisation where muslims and non muslims have to work together.
Thus, a muslim country where muslims are first class citizens and non muslims are second class citizens (which is what sharia advocates for with non muslims paying extra taxes and having less rights because of their faith) will turn off foreign investors.
Even Saudi Arabia realized that, that's why they keep opening beaches, cinemas, concerts etc... and giving more rights to woman (such as travelling without the permission of their husband, or driving cars...) in order to attract tourists and investors. Saudi Arabia's constitution is becoming less islamic every year.