Some view cryptocurrency as an investment, others see it as the future of money, plenty more view the medium as a scam. No matter where you fall on the spectrum, it must be acknowledged that crypto captured people’s attention around the world, including in Indonesia, where the number of crypto traders reached 7.4 million in July 2021 and crypto transactions totaled IDR 478.5 trillion (USD 33.5 billion), according to the trade ministry. There is now a slew of exchange platforms like Tokocrypto, Indodax, Pintu, and more that specifically manage transactions for Indonesians.

While crypto’s is becoming more popular, the nation’s top body of Islamic scholars, the Indonesian Ulema Council (MUI), issued a fatwa that says cryptocurrency as a means of payment is haram, or non-permissible in Islam. A fatwa is a nonbinding legal opinion given by a recognized authority.

Crypto as a financial instrument carries elements of…

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