MUI Forbids Crypto Money, Here Are 2 Reasons

 


The Indonesian Ulema Council (MUI) forbids crypto. To us, the Chairman of the MUI Fatwa Commission explained two reasons that made crypto illegal.

"First, from the syar'i element it does not meet, second from the communion side or this law there is no validity. A currency must be agreed upon by the state," said Asrorun Niam, Thursday (11/11/2021) in a telephone connection.


Asked if there is a potential for crypto to become halal again after there is a regulation from the government that makes it more legal in the eyes of the law, Asrorun said the element of gharar or the ambiguity of the value made him a bit doubtful about it.



"The current position is still gharar, different from paper money. There is clarity of value. It is not the paper that is seen but the value," he continued.


Previously, MUI said this fatwa was in the itjima Ulama Forum which meant it was attended by many scholars throughout Indonesia, including communities, Islamic boarding schools to academics from various universities. In total, there are 700 fatwa scholars throughout Indonesia. In addition to being forbidden, MUI emphasizes that cryptocurrencies are not legal if they are traded.


Not only cryptocurrencies, MUI also discusses online loans (pinjol), stock zakat, online marriages, and womb transplants in itjima with the theme 'Optimizing Fatwa for the Benefit of the Nation'.

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