Crypto Is Forbidden for Muslims, Indonesia’s National Religious Council Rules (opens in new tab)

> The National Ulema Council, or MUI, has deemed cryptocurrency as haram, or banned, as it has elements of uncertainty, wagering and harm, Asrorun Niam Sholeh, head of religious decrees, said on Thursday after the council held an expert hearing. If cryptocurrency as a commodity or digital asset can abide by Shariah tenets and can show a clear benefit, then it can be traded, he added.

I sense a business opportunity for a cryptocurrency that abides by Shariah tenets.

That is disappointing. Hard cryptoassets could stabilize their Currency. Did you know that the smallest unit of Bitcoin, the satoshi, is worth 11 Indonesian Rupiah. You could switch to using it for the unit of account today and no longer lose your purchasing power of the rupiah going forward.