The National Ulema Council of Indonesia has reportedly declared cryptocurrencies as haram (illegal) and prohibited Muslims from trading due to their features of uncertainty, betting, and harm.

Talking to media persons, Secretary Fatwa Commission of Indonesian Ulema Council, Asrorun Ni’am Sholeh, said the digital assets and cryptocurrencies in general exhibited “elements of uncertainty, wagering, and harm”, and hence were banned for Muslims.

The cryptocurrencies have apparently failed to qualify for authenticity under the Islamic rules in Indonesia. There is a considerable debate and delay on the approval of the said technology.