crypto haram in Indonesia

Crypto is Anti-Islamic? Indonesia says "Yes!"

Cryptocurrency is still the new kid on the block...the blockchain that is. As much as we of the internet look at cryptocurrency as stalwart wealth creator, many around the world still don't believe in the validity of the products, and are perhaps afraid of a non FIAT currency becoming the norm. 

Many countries have expressed concerns, limiting this crypto, limiting that one. Shutting down this site, shutting down that site. However, Indonesia has come out and stated that cryptocurrency is "Haram." This was released this week by the religious council of the country. Bloomberg reported on November 11 that the National Ulema Council, or MUI, banned Muslims from trading cryptocurrency “as it has elements of uncertainty, wagering, and harm. ”While this doesn't have the impact of legal ramifications, as Indonesia isn't a Theocracy, (a government run by a religion) this may, will, should carry a strong social stigma that will perhaps isolate natives of Indonesia in the future as the world currency and wealth grows into realm of non-FIAT. which now is encroaching on 3 trillion USD. 

Before we continue, please, this is not a critique of any religious belief, but merely commenting on a situation and observation as to what could occur from this news. 


Why is this a problem/what is Haram? 

For those of you that didn't grow up in Islamic influenced lands, such as myself. The concept of Haram may seem foreign. "Haram" simply means forbidden in Islamic law. Well this alone, might not sound like a big deal to us, that weren't raised in a culture where the religion is the culture fully. We see Christians whom frequently commit what their faith believes are sins without real remorse or guilt behind their action. Yet, for their culture, declaring something as Haram, is vastly stronger and carries harsh social disdain, akin to shunning, and also many Islamic countries and lands operate under Sharia law, which is similar in power, and punishment to what a normal government can do, except their laws are not general morays of society, but practices of religious belief, which can create trouble for those existing but not being of their shared faith. 

Indonesia, only has one territory under Sharia law "Aceh," and so for that area such a declaration does carry rule of law. However, such a declaration will have a strong message and volume across the world. 


Will This Incite Rebellion? 

So often in the Western world, we have seen that what is condemned from on high, be it government or religion, ends up resulting in a mass rebellion of such an ideal. We saw this in the 1920's with the Temperance Movement, which saw alcohol become illegal, which gave rise to bootlegging and the charm of breaking the law, in speak easy lounges and high society parties. 

Again this occurred with the Civil Rights movement working to stop the evils of segregation and blatant systemic racism in the 1960's. 

We've seen movements and rebellion against the "taught norm" of the past generation with the acceptance of alternative sexual lifestyles. Something that religions had adamantly preached against for generations. It just seems that a rampant message from up above, government or faith, can result in mass efforts to be contradictory to these practices. 

However, we don't know the framework of the average Indonesian. Do they see faith, and government rulings in a similar way to the Western world? Are they completely obedient? 


I Predict This Will Hurt Indonesia

Indonesia is one of the most populated countries in the world. They are 4th in population with 273million people, with an estimated percentage that would consider themselves followers of Islam at 86.7%. Even if this declaration of Haram doesn't follow with legal bans of crypto, and full shut out of the blockchain by the country itself, we could see a country with a massive population dive into financial and sustainment issues in the future by hampering its people from accessing wealth in the new age. Crypto is an opportunity to reset wealth, to set a new balance, and I am afraid that isolation will eventually only hurt the vibrant people of Indonesia. 

In the short term this could effect the crypto world with lower trading volume as a major country is pulling back its support and involvement, so perhaps prepare for a choppy week or two of pullbacks, but do not fear, ultimately only Indonesia suffers from this play.  


What Do You Think? Will this Hurt Crypto? Will The Pope or other major religions or sects of religion make similar proclamations?

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life is fun when you fight hard for fun. I am a crypto fan and holder. with the goal of being a hard faucet tapper all day long baby

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Odd Things in the Crypto World

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