Is Bitcoin (BTC) Allowed? The Indonesian Fatwa Authority Has Announced Its Opinion!

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Many Islamic institutions have previously expressed their views on cryptocurrencies and Bitcoin (BTC). Bitcoin (BTC) these statements about whether it is permissible (appropriate) also shape the view of some countries on crypto currencies. The East Java branch of Nahdlatul Ulama (NU), one of the largest Islamic organizations in Indonesia, assessed the situation of the use of crypto currency in accordance with Islamic law.

Is Bitcoin (BTC) Halal?

The fatwa is a non-binding legal opinion on Islamic law, reached through a discussion called the bahtsul masail. Nahdlatul Ulama (PCNU) Representatives from the Branch Administration and representatives from various Islamic boarding schools in East Java attended the bahtsul masail. Of course, this assessment is not a statement made by the only Fatwa Authority in the country, but many institutions can make statements about it in Indonesia.

Various Islamic scholars are here Bitcoin (BTC) and discussed the halalness of crypto currencies. An announcement posted on the website of the Nahdlatul Ulama branch of East Java on October 24 quotes President Kiai Azizi Chasbullah as saying:

”The participants of the Bahtsul masail are of the opinion that, despite the fact that the government recognizes cryptocurrency as a commodity, it cannot be legalized under Islamic Sharia law”.

So Nahdlatul Ulama (PCNU) the decision was reached on the issue addressed by, Bitcoin (BTC), crypto coins are not halal a statement was made in the form of.

Why Is Bitcoin (BTC) Not Allowed?

Group, crypto currency since its unit contains a lot of speculation, and therefore it can not be used as a legitimate investment forbidden by religion he concluded that it was. A representative from Kediri from the Lirboyo Islamic Boarding School, crypto he also drew attention to the fact that money is used a lot for fraud, saying that it is illegal for him according to Islamic law.

Some Muslim scholars believe that crypto currency is similar to gambling, which is prohibited under Islamic religious laws. However, opinions differ, and other Islamic organizations around the world believe that Islamic law crypto currency he says he’s letting his unit in.

Last year, the Malaysian authority that oversees compliance with Islamic law in finance announced that it would allow digital asset trading. In September, Trade Minister Mohammad Luthfi told local media that Indonesia was trying to follow in China’s footsteps and crypto currency he said he had no plans to impose a ban on currency transactions, mining or trading.

The Turkish Religion, on the other hand, has explained that any kind of money that is considered a measure of value and exchange and that gives confidence to its users is permissible, but crypto currencies have not yet been able to meet these conditions. In other words, it is not permissible for states to recognize it as a valid asset if crypto currencies are placed on a more solid footing for a while, and the fatwas issued may also change.

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