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Economy

Muslims cannot use crypto, Indonesia clerical council says

MUI cites uncertainty and potential for losses in its Islamic Law decree

A Bitcoin sign in Bali, Indonesia, where a top Islamic body has told Muslims to steer clear of cryptocurrencies.    © Reuters

JAKARTA -- Indonesia's top Islamic body has told Muslims in the country to steer clear of cryptocurrencies as they are not permissible under Islamic law.

The recently announced decision by Majelis Ulama Indonesia (MUI), or the Indonesian Ulema Council, has elicited mixed reactions in a country where crypto trading has started to soar alongside a wider investment boom that took off during the pandemic.

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