The East Java branch of the largest Islamic organization Nahdlatul Ulama (NU), located in Indonesia, expressed its opinion about the cryptocurrency. In NU, relying on Islamic law, they said that digital assets are an unsafe investment and called them "haram", which means "prohibited."
The fatwa was adopted a few days ago. In Islamic law, by the way, a fatwa means a decree adopted by discussing a specific issue among the leaders of a particular community. It is worth noting that digital assets can be considered "prohibited" only among the members of Nahdlatul Ulama, who piously believe and respect the activities of the organization, as well as Islamic laws directly.
This radical decision of NU was influenced by the rapidly growing interest in digital assets among Indonesian citizens. According to a report by the analytical agency Coinformant, in Indonesia, the number of people who have started to take an interest in the crypto industry has increased by 1,772%.
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It is also worth focusing on the fact that by May of this year, Indonesia was able to attract more than 6 million crypto investors. At this time, the number of retail investors registered on the Stock Exchange does not exceed 5.5 million.