Cryptocurrency is Haram in Islam: Fatwa of Indonesian Institutions!

- Already banned crypto in Indonesia

- Cryptocurrency is a form of gambling and is not permitted under Sharia

Jakarta: The Ulema Council, an Islamic organization in Indonesia, has issued a fatwa declaring cryptocurrency illegal in Islam. The fatwa stated that Sharia law does not allow cryptocurrency.

Esroron Niyam Soleh, president of Indonesia's Ulema Council, said cryptocurrency was illegal under Sharia law. It argued that cryptocurrency is a form of gambling and that gambling is not allowed in Islam.

However, in the field of commodities allowed to invest in crypto. The statement said that trading can be done in which profit is fixed and assets are known.

The government has already banned cryptocurrency in Indonesia. So the fatwa of the organization will not make much difference, but the fatwa of the largest Islamic nation's ruling body will have a significant impact on the investment of cryptocurrencies, the reports said.