Bloomberg reported that the Indonesian Religious Council banned the use of cryptocurrency assets for Muslims.

The National Ulema Council has specified that all uses of cryptocurrencies are considered haram, or outlawed. The head of religious decrees made this statement after the expert hearing that was hung on Thursday.

The primary concern with cryptocurrency is its capacity to reveal a clear benefit; hence, it is not to be traded and is purely forbidden by Sharia.

MUI is considered an authority on Sharia in Indonesia, the nation with the globe’s biggest Muslim population. The country’s regulatory authorities, such as the financing ministry and central bank, continuously collaborate with the Council on financial issues.

Trading countrywide doesn’t necessarily stop because of the Council’s decision. The finance ministry will decide the status of crypto operations. Recently, the Bank of Indonesia prepared to release a central bank digital currency. Yet, it has not been confirmed it will do so.

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