A STUDY ON THE FATWA OF THE INDONESIAN ULEMA COUNCIL (MUI) REGARDING CRYPTOCURRENCY AND ITS IMPLEMENTATION IN INDONESIA

Abstract

This study analyzes the Indonesian Ulema Council's (MUI) fatwa on cryptocurrency and its implementation in Indonesia. Using a qualitative approach with content analysis, we examined official documents, articles, and research reports, and conducted interviews with experts in Islamic economics and information technology. We also collected quantitative data on cryptocurrency users and transactions from reliable sources. Our findings show that MUI has prohibited cryptocurrency due to its uncertainty and potential harm, as per the 2021 fatwa. However, despite this prohibition, many Indonesians continue to use cryptocurrency, with 60% of survey respondents reporting ownership or investment experience.

Keywords: Fatwa, Indonesian Ulema Council (MUI), Cryptocurrency, Islamic Perspective, Digital Assets.