Saturday, November 27

Muslims in Indonesia are prohibited from using cryptocurrencies


The council of religious leaders in Indonesia prohibited Muslims from using cryptocurrencies. So reported this Thursday a note shared by Bloomberg.

Cryptocurrencies would be banned for Muslims due to the elements of uncertainty and gambling. This was announced by the Indonesian authority on Shariah compliance, the Ulema National Council (MUI), after a hearing.

Asrorun Niam Soleh, head of religious decrees, added that a cryptocurrency could be traded as a commodity if it complies with Shariah law and demonstrates a clear benefit.

For the MIU to approve cryptocurrency trading, cryptocurrencies, like Bitcoin, must comply with Sharia guidelines as a commodity or digital asset and show a ‘clear benefit’. Sholeh said after a hearing of MIU experts.

Indonesia has one of the largest Muslim populations in the world with around 237 million, about 12.7% of the world total.

According to Bloomberg, the latest MUI decision does not mean that all cryptocurrency trading will stop in Indonesia. However, the advice could deter Muslims from investing in crypto and cause local institutions to reconsider issuing crypto assets.

Miami Mayor will give residents share of profits from MiamiCoin cryptocurrency

Miami Mayor Francis Suárez, ad this Thursday that it will give residents part of the profits obtained by the city’s cryptocurrency, MiamiCoin.

“We will be the first city in the United States to give a Bitcoin yield as a dividend directly to its residents.” Suárez said in an interview held through the communication medium CoinDesk.

The mayor explained that the city will make payments through a digital wallet and will work with a variety of cryptocurrency exchanges to allow its residents to purchase a wallet, register and get verified.

Suarez recalled that the MiamiCoin cryptocurrency was introduced earlier this year. And he’s already made more than $ 21 million in the last three months for Miami.

Elon Musk dumps $ 1.1 billion in Tesla stock

Files filed Nov. 11 with the Securities and Exchange Commission confirm the sale of more than 934,000 Tesla shares worth about $ 1.1 billion.

Musk sold the shares at an average price of about $ 1,170, which is a gain of almost 180% in the last year. It’s only the third time Musk has sold company stock since Tesla went public on the Nasdaq in 2010, and it’s his biggest transaction.

Files show Musk planned to sell the shares as part of his tax obligations in September. Over the weekend, he surveyed his 63 million followers. In which he asked if he should sell 10% of his Tesla shares.

Hong Kong Virtual Insurer Partners with Exchange and Brings Crypto Insurance to Asia

Hong Kong virtual insurer OneDegree has partnered with cryptocurrency exchange Hong Kong Digital Asset Exchange (HKbitEX) to offer insurance for cryptocurrencies, according to a report por South China Morning Post (SCMP).

OneDegree aims to promote a wider use of insurance technology. It will offer HKbitEX up to $ 100 million in coverage to provide insurance against piracy and theft of cryptocurrencies in its custody.

Featured headlines

  • Bitcoin retreats from its all-time high and sits at $ 65,290 according to our online crypto tool.
  • Withdrawals from the Dogecoin network were suspended on Binance after a security update.
  • Former Binance Executives they say that the exchange is worth $ 300 billion



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