Crypto Assets Halal? Hello Indodax members!
After some time ago we talked with KH Muhammad Najib Bukhori, Lc., M.Th.I, as Director of the Institute for Islamic Law Studies STAI Al-Anwar Rembang, Central Java, in this article, Indodax will try to summarize Bahtsul Masail’s results and recommendations about crypto assets.
Before you read this article further, you can check out our chit chat with Mr. KH Najib here
Long story short, last June, CEO of Indodax, Oscar Darmawan attended Bahtsul Masail (an Islamic study forum organized by the Wahid Foundation and the Islamic Law Firm) to provide a complete explanation about crypto assets with government representative in this case, BAPPEBTI in front of Mrs. Yenny Wahid as the director of the Wahid Foundation and the founder of the Islamic Law Firm as well as Kyai and Ulama too.
Why do we need this forum? This recommendation and poll from Bahtsul Masail was initiated and became an urgency because crypto assets are being hype and blockchain technology is already widely loved in Indonesia.
Based on the results of the presentations, Kyai and Ulama agreed that this crypto asset transaction is a new trend that cannot be stopped considering the fact that a lot of people have did this. For this reason, it is important to continue to study this matter seriously.
Then, what are the recommendations given by Bahtsul masail?
- Kyai and Ulama Bahtsul Masail agreed that assets
Crypto is a commodity. This in line with the government’s policy of assigning crypto to the commodity category. crypto assets may be traded and have been supervised by the Government, in this case BAPPEBTI. - The recommendation from Bahtsul Masail regarding the law of economic activities and business transactions is permissible as long as follow predetermined signs such as mutual pleasure and sincerity between the two transacting parties, the goods being transacted contain benefits, and there is no element of fraud.
- Bahtsul Masail also agreed that crypto assets can be categorized as objects, even though they do not have a physical form because the crypto assets themselves are in cyberspace. Ulama and Kiai are analogous crypto assets such as other virtual money for payment of electricity tokens and others.
- Kyai and ulama also encourage people to have knowledge about crypto assets. Crypto assets contain dynamic speculation and fluctuations and require one to fully understand them. From this recommendation, of course, it is in line with what Indodax has done so far. Indodax have Indodax Academy which provides education for people who are new or who have invested in crypto assets
- Kyai and Ulama encourage the government to make regulations to avoid misuse of crypto assets.
Well, that’s a little explanation about the results of Bahtsul Masail. On Wednesday, September 15, 2021, at 4 pm Indodax also had the opportunity to talk with Mrs. Yenny Wahid as the director of the Wahid Foundation and the founder of the Islamic Law Firm on Indodax’s live instagram. For those who missed it, you can watch the replay on Indodax IG TV! See you in the next article!
