Indonesian religious organization issues decree banning the use of cryptocurrencies by the country’s Muslim population

Indonesia’s Tarjih Council and Muhammadiyah’s central executive, Tajdid, issued a decree making it illegal for Muslims in the country to use or invest in cryptocurrencies. Fatwa pointed to volatility and lack of state support as reasons why Muslims must avoid investing in or using cryptocurrencies. The Islamic group pointed to the volatility of cryptocurrencies as one of the reasons for the fiat. The group argues that because cryptocurrencies like Bitcoin are not asset-backed and considered obscure, their use by Indonesian Muslims is illegal.