Indonesia’s council of religious leaders has banned Muslims from using cryptocurrencies. This was reported on Thursday by a note shared by Bloomberg.
Cryptocurrencies are said to be banned for Muslims due to elements of uncertainty and gambling, the Indonesian authority on sharia compliance, the National Council of Ulemas (MUI), announced after a hearing.
Asrorun Niam Soleh, head of religious decrees, added that a cryptocurrency could be traded as a commodity if it complies with Sharia law and demonstrates a clear advantage.
For the MIU to approve cryptocurrency trading, cryptocurrencies, such as Bitcoin, must meet Sharia guidelines as a digital product or asset and have a “clear advantage.” Sholeh said after a hearing from MIU experts.
Indonesia has one of the largest Muslim populations in the world at around 237 million, or around 12.7% of the world total.
According to Bloomberg, MUI’s latest 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 a share of MiamiCoin cryptocurrency earnings
Miami Mayor Francis Suárez announced Thursday that he will return to residents a portion of the profits made by the city’s cryptocurrency, MiamiCoin.
“We will be the first city in the United States to give a Bitcoin return as a dividend directly to its residents. Suarez said in an interview conducted through the CoinDesk media outlet.
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 buy 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 ditches $ 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 valued at approximately $ 1.1 billion.
Musk sold the shares at an average price of about $ 1,170, representing a gain of nearly 180% over the past year. This is only the third time Musk has sold shares in the company since Tesla went public on the Nasdaq in 2010, and it is his biggest deal.
Records 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 to Offer Crypto Insurance in 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 by the 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.
Bitcoin is backing down from its all-time high and stands at $ 65,290 according to our online crypto tool. Withdrawals from the Dogecoin network have been suspended on Binance after a security update. Former Binance executives say the exchange is worth $ 300 billion.
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