‘Fatwa’ Issued Against Bitcoin As Crypto gets Declared Haram in Indonesia
Aaryamann Shrivastava
Thu, January 20, 2022, 9:47 AM
The most recent announcement from the country has brought a lot of questions to mind pertaining to the acceptance of Bitcoin and other cryptocurrencies. If not legally can this become a method of obstruction now?
Indonesia Against Bitcoin?
Tajdid Central Leadership (PP) Muhammadiyah along with the Tarjih Assembly today issued a fatwa against cryptocurrencies. According to the fatwa, the use of Bitcoin and other such coins for investment and payment is considered haram.
The Muhammadiyah Tarjih Assembly stated that “The Tarjih Fatwa stipulates that the legal cryptocurrency is haram both as an investment tool and as a medium of exchange”
The reasons revealed behind the fatwa fall back to the same reasons why regulations on cryptocurrencies are being considered. Albeit these reasons are more religiously motivated than legally.
As per the Islamic Sharia cryptocurrencies’ speculative nature is a huge shortcoming. The volatility of currencies such as Bitcoin and such makes it haram.
Secondly using such volatile assets is obscure according to the fatwa. Since cryptocurrencies are not backed by any physical asset, it becomes gharar.
Majelis Tarjih and Tajdid PP Muhammadiyah further added that,
“This speculative and gharar nature is forbidden by sharia as the Word of Allah and the Hadith of the Prophet (peace be upon him) and does not meet the values and benchmarks of Business Ethics according to Muhammadiyah, especially these two points, namely: there should be no gharar (HR). Muslim) and there should be no maisir (QS. Al Maidah: 90)”
This is the first time that the objections are arising out of religious stipulations. And although this isn’t an established pattern, many Islam-dominated countries such as Algeria, Bangladesh, Egypt, Iraq, Morocco, Nepal, Qatar, and Tunisia previously absolutely banned cryptocurrency.
In fact, most recently, Pakistan’s central bank too proposed a ban on all forms of cryptocurrency citing risks surrounding volatility.
As it is, regulations are already becoming a huge roadblock when it comes to crypto adoption. And the use of crypto might further reduce if such objections come from religious provenance as people are more obedient to religious laws.
Bitcoin’s ‘Volatile’ Nature
Ironically, over the past 2 weeks, Bitcoin hasn’t been volatile at all. The king coin has kept its movement sideways bound and continues to head in that direction. Although at the time of this report it is maintaining a strong green presence having risen by 3.72%, it might remain consolidated for a while.
https://currently.att.yahoo.com/finance ... 09797.html
CRYPTO CURRENCY
29 Jan, 2022 13:27
HomeBusiness News
US Senator Wendy Rogers has introduced a bill to make bitcoin legal tender in Arizona this week. With the bill, SB 1341, the Senator is seeking to amend the list of currently accepted legal tender to include bitcoin. This would allow the use of the digital token for the payment of public charges, taxes, debt and other purposes.
However, the US Constitution does not allow individual states to create their own legal tenders. This leaves the question on whether the bill could come into effect as law. The bill would have to pass the Arizona state senate and house and then be signed into law by the State Governor Doug Dukey. However, if indeed passed, the bill could set up a precedent for other US crypto-friendly states.
Many US states have become increasingly interested in Bitcoin and cryptocurrencies in general. Florida Governor Ron DeSantis last month pitched a plan that would allow businesses in the state to pay taxes in cryptoсurrency. Legislators in Wyoming have been mulling using blockchain to boost transparency in the way public funds are spent, while Ohio in 2018 became the first US state to allow taxes on digital assets, but had to scrap the program due to concerns that it was substandard.
New York Mayor-elect Eric Adams took one of his paychecks in bitcoin, while candidate for Texas governor Don Huffines recently said he would make bitcoin legal tender if he’s elected. Moreover, recent reports state that the US government itself has a sizable hoard of cryptotokens.
https://www.rt.com/business/547720-bitc ... r-arizona/
HomeBusiness News
US Senator Wendy Rogers has introduced a bill to make bitcoin legal tender in Arizona this week. With the bill, SB 1341, the Senator is seeking to amend the list of currently accepted legal tender to include bitcoin. This would allow the use of the digital token for the payment of public charges, taxes, debt and other purposes.
However, the US Constitution does not allow individual states to create their own legal tenders. This leaves the question on whether the bill could come into effect as law. The bill would have to pass the Arizona state senate and house and then be signed into law by the State Governor Doug Dukey. However, if indeed passed, the bill could set up a precedent for other US crypto-friendly states.
Many US states have become increasingly interested in Bitcoin and cryptocurrencies in general. Florida Governor Ron DeSantis last month pitched a plan that would allow businesses in the state to pay taxes in cryptoсurrency. Legislators in Wyoming have been mulling using blockchain to boost transparency in the way public funds are spent, while Ohio in 2018 became the first US state to allow taxes on digital assets, but had to scrap the program due to concerns that it was substandard.
New York Mayor-elect Eric Adams took one of his paychecks in bitcoin, while candidate for Texas governor Don Huffines recently said he would make bitcoin legal tender if he’s elected. Moreover, recent reports state that the US government itself has a sizable hoard of cryptotokens.
https://www.rt.com/business/547720-bitc ... r-arizona/
Re: CRYPTO CURRENCY
There is no such thing as a free lunch. For those who do not understand it, be prepared to learn the hard way.
All these "games" are scams where one is sure to loose all his money at the end. Their aim is to legitimise crypto in your psyche. In general, Crypto currencies are a scam as they say it represent the cost of electricity and computing used in "mining" the currency but with ever powerfull computing coming in the future, the same will be "mined" withing seconds without much cost".
But I failed to understand why anyone need a fatwa for this, the governments will be regulating, there is no doubt. Billions lost by speculators who "invested" in crypto currency is more powerfull a reminder than any fatwa. Some countries have already started regulating to the extreme and even declaring those "currencies" illegal.
The future belongs to digital currency backed by governments or by gold, not to privately issued currency backed by thin air. We know all governments have the monopole of selling thin air in the form of currency and others dreams to their population
All these "games" are scams where one is sure to loose all his money at the end. Their aim is to legitimise crypto in your psyche. In general, Crypto currencies are a scam as they say it represent the cost of electricity and computing used in "mining" the currency but with ever powerfull computing coming in the future, the same will be "mined" withing seconds without much cost".
But I failed to understand why anyone need a fatwa for this, the governments will be regulating, there is no doubt. Billions lost by speculators who "invested" in crypto currency is more powerfull a reminder than any fatwa. Some countries have already started regulating to the extreme and even declaring those "currencies" illegal.
The future belongs to digital currency backed by governments or by gold, not to privately issued currency backed by thin air. We know all governments have the monopole of selling thin air in the form of currency and others dreams to their population