Despite a booming crypto industry, the East Java branch of the Indonesian Islamic organisation Nahdlatul Ulama (NU) has declared cryptocurrency ‘haram’, or forbidden under Islamic law. The decision was reached through a ‘bahtsul masail’ which means a discussion in Javanese where members of the NU, as well as representatives of Islamic boarding schools, were involved in the deliberation. The issue of fraud as well as the volatility of cryptocurrency means it can’t be classed as a legitimate investment which has led the group to forbid cryptocurrency. Some Muslim academics deem crypto similar to gambling, an activity that is forbidden under religious law. Kiai Azizi Chasbullah, chairman of the East Java Nahdlatul Ulama branch, was quoted in a statement published on their website.
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