ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more