MUI Say : Cryptocurency Haram

along with the recent popularity of crypto assets in Indonesia, the increase in investment is also increasing. Many young people are starting to make their fortune on crypto exchanges. The reasons they are interested in investing in crypto exchanges range from stock securities which have relatively decreased due to the current pandemic that hit the world, also deposits in the crypto market are friendlier for those who have relatively little money.

However, due to the popularity of cryptocurrency assets in Indonesia, many people are starting to wonder whether cryptocurrency assets are halal or haram? and how about future cryptocurrency regulations in Indonesia?.

As a result of these questions that often arise and have become a public discussion, the MUI or the Indonesian Ulema Council said that cryptocurrency as a commodity with certain conditions can be considered legal in trading but will be unlawful if cryptocurrency assets are used as a means of exchange.

The crypto assets in question are crypto assets that meet the requirements as sil’ah and have an underlying and have clear benefits that are legally valid for trading.

The conditions for sil’ah are that there must be a physical form, have a value, know the exact amount, have ownership rights, and can be handed over to the buyer, said Niam as quoted by Antara.

The results of the MUI deliberations forbid crypto currency as a currency because in Indonesia only Rupiah is recognized as the currency. Another reason is that crypto assets do not have a stable value meaning their value often goes up and down erratically.

the Indonesian government actually supports crypto assets, allows them to be traded as investments and will set up crypto exchanges. However, it is not allowed as a currency for payments.

Responding to the statement above, Oscar believes that crypto assets in Indonesian trade already have their own underlying assets. “In fact, the largest trading volume on Indodax comes from crypto assets that have physical underlying assets,” said Oscar.

Indodax CEO Oscar Darmawan also added that in Indonesia crypto assets are not used as a currency that can be used as a medium of exchange. This is in line with the regulations issued by Bank Indonesia.

Oscar Darmawan also said that crypto assets actually have many benefits. Nowadays, Indonesians are also starting to invest in cryptocurrencies. He said daily transactions on the Indodax platform reached trillions of rupiah. “Many people who are out of work are now living from trading crypto assets,” Oscar said in a press release.

However, from all the explanations above, some expert Indonesian investors still remind young Indonesian investors to be careful if they want to invest in cryptocurrency assets given the high risk of losing their assets.