Indonesia’s East Java Nahdlatul Ulama Regional Board Issues Fatwa Forbidding Cryptocurrency

The East Java Nahdlatul Ulama Regional Board (PWNU) in Indonesia has issued a Fatwa that says that cryptocurrency is forbidden. This decision was made at the East Java NU Mass Bahtsul forum on the 24th of October 2021.

Why it Matters?

KH Ahmad Fahrur Rozi, also known as Gus Fahrur, Chairperson of the East Java PWNU, remarked that according to his observation, cryptocurrency is considered to have more elements of speculation and is not measurable. This makes it unsuitable to be an investment instrument.

Details

It has been concluded that cryptocurrency does not fulfil the elements of buying and selling and instead tends to encourage fraudulent practices and gambling. It was further noted that digital currency can pot...