Jakarta: A 'fatwa' has been issued by Islamic organization Nahdlatul Ulama in East Java, Indonesia against the use of cryptocurrencies (Cryptocurrency) in the country. It calls the use of cryptocurrencies banned under Islamic law Shariah. The religious body has taken this decision after a long discussion. During its discussions, it reportedly said that the use of cryptocurrencies is not valid under Islamic Sharia law.

The move comes at a time when Indonesians have shown great interest in the new digital currency. Reports claim Indonesia will not ban cryptocurrencies. However, it will ensure that it is not used for illegal activities. Indonesian Trade Minister Muhammad Luthfi (Muhammad Luthfi) had stressed that cryptocurrencies will not be banned in the country, but rules will be tightened. According to reports, Bitcoin, dogecoin are considered assets in Indonesia, which can be traded. But they cannot be used for payment.

The country has seen an increase in cryptocurrencies in domestic exchanges. Millions of people are trading through it. Last month Bitcoin Futures Exchange-Traded Fund (ETF) was listed on the New York Stock Exchange. Its value rose above $66,000, thus gaining a new height.

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