Cryptocurrency in Sharia Economic Law

Cryptocurrency in Sharia Economic Law

Tangerangtalk – The Islamic Republic of Iran for the first time used Cryptocurrency as a way of transacting with other countries to avoid economic sanctions.

Iran itself is currently one of the countries experiencing an economic blockade imposed by the United States. This causes them difficulty in conducting trade transactions with the outside world.

Although Reuters did not mention in what crypto coins Iran used in their report. The import order that Iran received using this crypto was reportedly worth $10 million. This step allows goods from Iran to be paid for using digital assets.

This is an extraordinary event considering that many countries are still hesitant to use crypto coins because of the instability of their value.

Quoting My Tax, cryptocurrency is a digital currency. Cryptocurrencies are not available in physical form like coins or cash which are commonly used around the world. In cryptocurrency, all digital assets will be stored in the Blockchain or private network between users and do not involve third parties such as banks and others.

Cryptocurrency can be stored in a 'digital wallet' available on a mobile phone or other computer device. In addition, cryptocurrency owners can also use digital currency for buying and selling transactions.

However, it seems that the use of Cryptocurrency in Indonesia will be difficult, considering that some time ago the Indonesian Ulema Council issued a fatwa regarding this matter. The Indonesian Ulema Council itself has issued a Cryptocurrency Legal fatwa as follows:

Rule of law

1. The use of cryptocurrency as a legal currency is unlawful, because it contains gharar, dharar and is contrary to Law number 7 of 2011 and Bank Indonesia Regulation number 17 of 2015.

2. Cryptocurrencies as digital commodities/assets are not legally traded because they contain gharar, dharar, qimar and do not meet the syar'i sil'ah requirements, namely: have a physical form, have value, are known for certain amounts, are property rights and can be submitted to buyer.

3. Cryptocurrencies as commodities/assets that meet the requirements as genealogy and have underlyings and have clear benefits that are legally valid for trading.

Based on the fatwa until now the use of cryptocurrency as a legal currency is forbidden.

Sayuti, Se.Sy

Reference

https://www.reuters.com/business/finance/iran-makes-first-import-order-using-cryptocurrency-tasnim-2022-08-09/

https://mui.or.id/berita/32209/keputusan-fatwa-hukum-uang-kripto-atau-cryptocurrency/

https://www.pajakku.com/read/627b5434a9ea8709cb189f93/Cryptocurrency:-Definisi-Karakterisik-Fungsi-dan-Legitimasinya-Dalam-Pajak