Are Cryptocurrencies Allowed In Indonesia?

- 10 January 2022 08:30 WIB
Bitcoin in Indonesia: to be or not to be? (Unsplash/Bermix Studio)  body
Bitcoin in Indonesia: to be or not to be? (Unsplash/Bermix Studio) body

JAKARTADAILY.ID - Due to the continuous growth of Bitcoin's popularity worldwide, more people in Indonesia grow their interest in cryptocurrencies.

In Indonesia, the number of people searching for information about cryptocurrencies has increased by 1,772%, according to recent data from BuzzSumo. Indonesia also came in second place regarding the number of crypto-related Google searches performed over the past 12 months.

A report released by Coinformant revealed Indonesia has the highest level of interest in crypto worldwide. The report evaluated the various factors that influence crypto interest, including the number of published articles and Google searches.

Despite the ban on crypto payments being implemented in 2017, authorities in Indonesia have allowed cryptocurrency trading to be legal.

However, it is to be noted that Indonesia is home to the biggest Muslim population in the world. Almost 90 percent of the country identified as Muslim in 2018.

The East Java branch of Indonesia's largest Islamic organization, Nahdatul Ulama, has issued a fatwa against the use of cryptocurrencies. A fatwa, achieved through a discussion called bahtsul masail, is a non-binding legal opinion on Islamic law held in East Java.

The chairman of the East Java branch of the Nahdlatul Ulama, Kiai Azizi Chasbullah, stated that the group did not believe that cryptocurrencies could be regulated under Islamic law.

"The participants of the bahtsul masail have the view that although the government recognizes cryptocurrency as a commodity, it cannot be legalized under Islamic sharia law," he said.

The group decided that cryptocurrencies are not considered legitimate investments due to excessive speculation and a tainted track record full of fraud.

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Editor: Mukhtar Wijaya

Source: Coin Telegraph

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