Heya. It’s Brady again.
You may have heard that Indonesia’s top body of Islamic scholars, the Indonesian Ulema Council, issued a fatwa against cryptocurrencies. This isn’t a legally binding statement, but it does impact the behaviors of people who may hold more conservative outlooks and defer to religious authorities.
Even though Indonesia is the most populous Muslim-majority country, it isn’t uniformly religious. In fact, many people in the country lead secular lives.
That’s all to say the fatwa has fallen flat. Naturally, those who are all-in on crypto have generous expectations, like Tokocrypto CEO Pang Xue Kai and Pintu CEO Timothius Martin. Khamila spoke to both of them. You can read her report here.
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