The Number Of Users Is Already 7.4 Million People, MUI Actually Still Allows Crypto Trading With These Conditions

Illustration. (Photo: Unsplash)

JAKARTA - The Indonesian Ulema Council (MUI) officially forbids the use of cryptocurrencies or crypto money as currency and is not legal for trading. The decision was taken in the Ijtima Ulama Forum. However, the MUI provides an exception for trading crypto as an asset.

Chairman of the MUI Fatwa Commission Asrorun Niam Soleh said that MUI allows us to be traded as commodities or assets if they meet the requirements as sil'ah and have underlyings and have clear benefits. This is stated in the third point of the legal dictum that explains crypto.

"Cryptocurrencies are commodities or assets that meet the requirements for genealogy and have underlyings and have clear benefits that are legally valid to be traded," he said, in Jakarta, quoted on Friday, November 12.

For your information, crypto assets are currently widely owned by many people in Indonesia as an investment. The high price increase from year to year has made the enthusiasm of the Indonesian people to invest in crypto assets increasing day by day. This is evidenced by the continued increase in transaction volume and the increase in registrants.

Furthermore, Niam explained the next two points of the legal dictum. First, said Niam, the results of the deliberations determined that the use of cryptocurrencies was haram as currency because it contained gharar, dharar and was contrary to Law number 7 of 2011 and Bank Indonesia Regulation number 17 of 2015.

Second, cryptocurrencies or crypto money as commodities or digital assets are also illegal to trade because they contain gharar, dharar and qimar.

"Where it does not meet the syar'i sil'ah requirements, namely there is a physical form, has value, the amount is known for sure, property rights and can be handed over to the buyer," he said.

As is known, until now the Indonesian government does not recognize crypto as a means of payment as an alternative to using rupiah. Even so, crypto trading is regulated by the Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade in CoFTRA Regulation Number 2 of 2019 concerning the implementation of physical commodity markets on futures exchanges.

Investing in crypto assets is increasingly being loved by millennials. This is shown by the increasing number of officially registered crypto exchange transactions in Indonesia.

Based on data from the Ministry of Trade in July 2021, the number of crypto users in Indonesia is 7.4 million people. This figure has doubled in a year with the transaction value also increasing significantly.