The Islamic organization points to the volatility of cryptocurrencies as one of the reasons for issuing the fatwa.
Indonesian Religious Organization Issues Decree Forbidding Use of Crypto by Country's Muslim Population
“Tarjih’s fatwa stipulates that cryptocurrency is illegal both as an investment tool and as a medium of exchange,” a statement on the Islamic organization’s website explained., the Islamic organization points to the volatility of cryptocurrencies as one of the reasons for issuing the fatwa. The organization argues that since cryptocurrencies like bitcoin are not backed by an asset and are thought to be obscure, they are therefore not lawful for use by Indonesia’s Muslims.
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