The Perspective of Market Analysis on Cryptocurrency Value Post Fatwa Indonesian Ulema Council (MUI)

Evi Mutia, Lilis Maryasih, Nurma Sari


The popularity of cryptocurrencies as commodities and investment instruments has increased in recent years. However, The Indonesian Ulema Council (MUI) has issued a fatwa, or religious edict that forbids the use of cryptocurrencies. There are three legal dictums in the result of Ulama Ijtima from MUI Fatwa Commission which forbid cryptocurrencies. The MUI fatwa not only forbids crypto as a currency but also as a commodity or digital asset. One of the reasons is because these types of currencies do not have a physical form that can be handed over to the buyer and ultimately creates uncertainty in transactions. This study aims to get an overview of the Cryptocurrency Value based on the perspective of market analysis after Fatwa Indonesian Ulema Council (MUI). The price of a number of cryptocurrencies such as Bitcoin, Ethereum etc. is still in an uptrend after MUI issues the forbids fatwa. Besides the cryptocurrencies that mention before, some cryptocurrencies price have dropped today, such as Shiba Inu, Theter, Cardano etc. This shows that the forbids fatwa has no impact on the crypto industry and its future development when it seen from the perspective of market analysis.

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