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Indonesia forbids Muslims to use cryptocurrencies

Indonesia forbids Muslims to use cryptocurrencies

This week brought rather disturbing news from Indonesia. According to the Indonesian local religious council, cryptocurrency has been banned for the entire Muslim community of the country. A key argument for this decision was the fact that “cryptocurrencies clearly benefit exchange speculators, and this is strictly forbidden by Shariah law.”

Indonesia is a Muslim country, where more than 80% of the population practices Islam. Hence, there is a high risk of facing a total ban on cryptocurrencies in this country.

Yet in September, the Minister of Trade of the Republic of Indonesia, Muhammad Luthfi, in the face of the People's Bank of China's ban on all cryptocurrency activity in North Korea, said that Indonesia won't proceed in the same way as China by banning cryptocurrencies, but will focus on finding ways to regulate them effectively.

“We will not impose a total ban on crypto-assets, but we can increase control over them”, the Indonesian trade minister stated.

It remains an open question what will prove superior in this case - the words of officials or religious figures.

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