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Indonesian Muslims issue “fatwa” against crypto

When there is a lot of discussion on Cryptocurrency in the world, some nations are in dilemma to recognize crypto or not, some nations have dared to declare crypto as an official exchange in their nations and some still continue to ban crypto. Cryptocurrency is often to be called as future of money in the world and related to Economics subject. The way it is making headlines across the world has left many wondering if it will replace traditional modes of payment forever. But one nation mingled usage of Cryptocurrency with religious beliefs. Indonesia’s largest Islamic organization Nahdlatul Ulama (NU) has issued a Fatwa deeming the use of cryptocurrency ‘haram’, or forbidden, under Islamic law. NU is said to be the largest Islamic organization in the world.  


The body is equated with crypto with gambling and called haram or forbidden. The Indonesian government hasn’t opened up on the fatwa decision. Does it mean that Indonesia will ban Crypto?  With the cleric’s fatwa, Indonesia is debating whether cryptocurrency is Islamic or not. If so other Muslim nations are not in the same opinion as Indonesia on crypto. Iran banned cryptocurrency but allowed the mining of Bitcoin. Pakistan moves towards cryptocurrency boom to come out of the darkness of the grey-list of FATF. Clerics decision triggered a huge response in social media and termed it a bizarre fatwa decision. A fatwa is a nonbinding legal opinion on Islamic law.


This is not the first time that clerics' fatwa decisions have been bizarre. In 2005, a fatwa was issued against Indian tennis star Sania Mirza for not wearing proper clothes while playing tennis. In 2014, Muslim leaders issue a fatwa against anyone living on Mars. In 2018, the Saudi sheikh said that Disney icon Mickey Mouse was a soldier of Satan and issued a fatwa against Micky Mouse. On another side, interest and popularity in the cryptocurrency have surged in Indonesia. The country saw a massive 1,772% increase in the number of people engaging with articles about crypto during 2021. Indonesian Minister of commerce said in September that the government wouldn’t comply with China’s footsteps in imposing a ban on cryptocurrency transactions, mining or buying and selling. 

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