{"id":144463,"date":"2021-11-12T01:50:18","date_gmt":"2021-11-12T01:50:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=144463"},"modified":"2021-11-12T01:50:18","modified_gmt":"2021-11-12T01:50:18","slug":"crypto-the-future-of-money-or-the-biggest-scam","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/crypto-the-future-of-money-or-the-biggest-scam\/","title":{"rendered":"Crypto: The future of money or the biggest scam?"},"content":{"rendered":"<p>The Indonesian Ulema Council (MUI), a top body of clerics, has ruled that using cryptocurrencies as a means of payment is unlawful in Islam, but trading of digital assets could be allowed, one of its leaders said on Thursday.<\/p>\n<p>Indonesia, the world&#8217;s biggest Muslim majority country, bans the use of crypto as a currency, but investment in and trading of the digital tokens are allowed in the commodities and futures market.<br \/>\nThe total value of cryptocurrency trading in the commodity bourse has reached 370 trillion rupiah ($25.96 billion) this year to May, according to the trade ministry.<\/p>\n<ul><\/ul>\n<p>The total trading at the end of 2020 was valued at 65 trillion rupiah. The number of traders has reached 6.5 million up from 4 million.<\/p>\n<ul><\/ul>\n<p>As a means of payment, cryptocurrencies are forbidden according to Shariah law because they carry elements of uncertainty and harm, and are in violation of state laws, Asrorun Niam Sholeh, the MUI&#8217;s head of religious decrees, told Reuters.<\/p>\n<p><noscript><img decoding=\"async\" alt=\"A beginner&amp;#39;s guide to crypto lingo\" class=\"media__image\" src=\"\/\/cdn.cnn.com\/cnnnext\/dam\/assets\/210426114846-cryptocurrency-bitcoin-0426-large-169.jpg\"><\/noscript><br \/>\nTrading of cryptocurrencies as a commodity is also unlawful, with the MUI likening it to gambling, because it does not meet Islamic rules, such as for the goods to have a physical form, a clear value, and a known exact amount, among other reasons, he said.<br \/>\nHowever, the MUI allows trading of cryptocurrencies that meet Islamic rules, have an underlying asset and carry clear benefits, Asrorun said.<\/p>\n<ul><\/ul>\n<p>The commodities exchange allows trading of hundreds of cryptocurrencies that meet requirements of safety and good governance of the blockchain system.<br \/>\nThe MUI&#8217;s decree is not legally binding as it is not part of the government, but its ruling may affect investment decisions by some Muslims.<br \/>\nSource: <a href=\"https:\/\/edition.cnn.com\/2021\/11\/11\/business\/indonesia-ulema-council-crypto-intl-hnk\/index.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Indonesian Ulema Council (MUI), a top<\/p>\n","protected":false},"author":3,"featured_media":144462,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto: The future of money or the biggest scam? 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