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Indonesian Muslim court has ruled that crypto trading violates Muslim religious beliefs and is forbidden. Urges all 230 million Indonesian Muslim to avoid crypto. What the heck is this all about? Will other Muslim countries start doing the same?

[https://www.rt.com/news/540048-indonesia-muslims-crypto-forbidden/](https://www.rt.com/news/540048-indonesia-muslims-crypto-forbidden/)



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47 Comments

  1. It’s basically “until it can demonstrate safety and value to investors – and we figure it out”. This is the most frequently challenged and overturned counsel on earth probably. So in six months it’ll be reversed once the boomers over there figure out math.

  2. Crypto, stocks, etc. are all gambling. Splitting hairs on this issue is pointless. Legalized or not, the followers loyal to this doctrine will abstain. There are probably many who will not abstain. I am not very worried for the future of Bitcoin.

  3. As a Muslim I had a big struggle with this as well. I was debating if bitcoin is allowed or forbidden. One of the main reasons I didn’t buy in earlier years.

    My opinion changed mainly due to the fact that I thought bitcoin is mainly speculation and I wouldn’t know a “real” asset.

    Islam protects the followers from scams and I thought it could be one of them. For example, one of my friends mortgaged his house to buy Dodge at all time high. He had to get another job to pay the bills.

    Now I know bitcoin is a digital asset. Just because you don’t see it physically doesn’t make it forbidden in my opinion. In my personal opinion I think bitcoin is allowed under Islam.

    I think the key is that the leaders do not understand the nature of bitcoin. I could be wrong. So please do your own research.

    Side note: I do think speculative coins such as shib and Dodge are forbidden

  4. It’s a religious thing and not legally binding or anything.

    However keeping in mind that Islam already forbids gambling, I believe actively trading in crypto markets as an amateur involves taking similar risks. As such I cannot disagree with their call.

    Of course, if you are a professional or work for a firm or have a preset investment strategy that you will never deviate from, eg DCAing and/or selling at specific points, I would consider you an exception, and then it’s between you and your beliefs.

  5. My 2 sats as a suggestion for some folks on this thread, maybe before jumping to dramatic conclusions from the article title, it’s worth reading all the way to the end where it says,

    begin quote

    … left open some chance that particular cryptos could be in line with Islamic law, or Sharia,
    … if crypto coins can “meet Islamic rules, have an underlying asset and carry clear benefits,” they could be permitted.

    end quote

  6. They are just upset that all the money in the country is moving into the crypto world and there is nothing they can do about it because it’s the will of the people. So if they can’t control the people’s will they use religion to control the people. Key point is POWER TO CONTROL the people.

  7. I feel like the ruling on this will change over time when the people who decide these things understand crypto better. I don’t get why an interest-resistant form of currency would be considered haram in Islam (interest is haram) whereas the dollar, which funds wars against many Muslim countries and is not even based on the gold standard anymore, is ok.

  8. It’s funny because “interest” is also against Muslim belief but Indonesia still does it 👀. I think it has more to do with being afraid of new technology and ways of thinking about money

  9. Oh no a barbaric, sexist, primitive group of people don’t want to participate in progressive tech?

    This is just like the China “ban.” We shouldn’t want their money, even if it does diminish the user count.

  10. It’s 100% to protect their fiat, which ironically in their religion is worse than crypto in every way since fiat is backed by interest (which is forbidden while trade and profit are not) and Indonesia no longer backs their currency by gold.

    Muslim scholars around the world have accepted crypto, even Algorand gained sharia compliance. There are Muslim DeFi projects also coming.

What do you think?

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