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Islamic Organization in Indonesia Issues Fatwa Against Cryptocurrency – Bitcoin News

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A provincial branch of one of the largest Islamic organizations in Indonesia has declared the crypto currency “haram” or banned it under religious law. The decision was made after a “heated discussion”, which was followed by a crypto expert who was invited to explain in detail the practice of using digital coins.

Cryptocurrency is known as “Haram” in Indonesia

The local branch of the Indonesian religious organization Nahdlatul Ulama in East Java recently issued a fatwa on the status of cryptocurrencies under Islamic law. Cryptographically secured digital currencies that are used as a transaction instrument are to be viewed as “haram”, i.e. forbidden, according to the non-binding opinion.

The decision was the result of “Bahtsul-Masail”, a discussion by the organization on Sunday, October 24th, reported the Indonesian news portal Tempo. Members of the debate, which the article describes as “dynamic” and “heated”, concluded that the use of cryptocurrency could undermine the legality of financial transactions.

Another point raised during the meeting is that crypto could serve as a tool for committing fraud. An announcement posted on the East Java branch’s Nahdlatul Ulama website quoted Kiai Azizi Chasbullah, the “Certifier of the Discussion,” as saying:

The participants in the Bahtsul-Masail believed that although crypto has already been recognized as a commodity by the government, crypto cannot be legalized [Islamic sharia].

During the meeting they also decided that “cryptocurrency has no use from the point of view of Sharia, as mentioned in Fiqh” or Islamic jurisprudence. According to the Indonesian publication, this position was confirmed by a “cryptocurrency expert” who participated in the religious debate to explain “the correct practice in using digital currency”.

The Islamic organization’s fatwa comes after the Jakarta government recently indicated that Indonesia was not planning a comprehensive ban on cryptocurrencies. Speaking to local media, the country’s Minister of Commerce, Muhammad Luthfi, stated that the executive branch will not follow in the footsteps of China, which this year has repeated a ban on all crypto transactions and cracked down on bitcoin mining and trading .

The popularity of cryptocurrencies has increased in Indonesia, the nation with the largest Muslim population in the world. Crypto trading has skyrocketed this year and data from the 13 domestic exchanges approved by the country’s Futures Exchange Supervisory Board show transactions increased 40% in the first five months of 2021. Last year the total reached 65 trillion rupees (4th , $ 5 billion.). ).

Opinions about decentralized digital money have changed over the years among Islamic scholars, experts, and ordinary Muslims. In May, the decision of a prominent religious body in the Russian Republic of Ingushetia to ban the use of cryptocurrency provoked negative reactions on social media. Last October, a leading Sharia compliance expert in Malaysia said that crypto assets were a legitimate good.

Do you think that Nahdlatul Ulamas fatwa on cryptocurrencies is supported by other Islamic organizations in Indonesia? Do share your thoughts on the matter in the comments below.

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Crypto, crypto-expert, crypto currencies, crypto currency, debate, digital currencies, digital currency, discussions, expert, fatwa, Haram, Indonesia, Indonesian, Islam, Islam, Islamic law, law, Muslim, Muslims, Nahdlatul Ulama, opinion, organization, Religion, sharia

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Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation to make an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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South Bay mother swindled out of thousands of dollars in cryptocurrency scam

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A single mother from Chula Vista fighting cancer warns of cryptocurrency fraud.

CHULA VISTA, California – A South Bay single mother fighting cancer said she started investing in cryptocurrency in 2018 to save for her children. On Friday, she said she lost everything to a popular YouTube scam.

“$ 42,399.22,” said Tuba Kazan.

Chula Vista’s mother said she started investing in cryptocurrency to save for a home, support her children, and now treat her cancer.

“What I saved and when I worked hard I threw it away,” said Kazan tearfully.

On Friday morning, along with millions of other viewers, she saw a livestream with cryptocurrency co-founder Ethereum, who took investors to a website to help Ethereum expand globally and sent 10 Ethereum cryptos to an account.

“I thought it was a good opportunity because it looks real. It came through YouTube, it was an official account, ”said Kazan.

In 15 minutes she realized she would never get it back.

“Those were my savings,” said Kazan. “I’m usually a very vigilant person. You know, I know when a call comes in and there are scammers I know, no money should be sent out. “

She is not alone. The Federal Trade Commission reports that from October 2020 to March 2021, 7,000 Americans were duped into cryptocurrency scams, adding up to $ 80 million, up 1,000% year over year.

There are several scams out there including fake ads promising to triple your investment, scammers also send out emails posing as celebrities like crypto investor Elon Musk.

The problem is that the cryptocurrency is not supported by the government so there is no legal protection.

Despite not getting her money back, Kazan reported the scam to YouTube, the Chula Vista Police Department, which said it was being investigated, and also reported it to the FBI.

“It’s terrible. But I don’t want people to be hurt,” said Kazan.

The single mother said it hurts because she was diagnosed with fatal leukemia and had 20 months to live and the money was for her children.

“I just wanted to make sure my children were safe. When something happens and I can forgive myself, ”said Kazan.

Here are three things you can do to protect your cryptocurrency account: use a strong password, enable two-factor authentication, and create a separate email. The FTC provided several resources, including reporting cryptocurrency fraud.

YouTube’s only response was to ask for the link to the website Kazan saw but commented on the incident or how it deals with cryptocurrency scams on its platform.

The FBI was not available for an interview but wrote in an email from its public affairs department: “In recent years the FBI has seen a significant increase in the number of cryptocurrency-related cases we investigate, but we do can’t “comment on how many investigations we’re doing all over the office.”

You have sent these tips to protect yourself:

1. Don’t send payments to someone you’ve only spoken to online, even if you think you have established a relationship with them.

2. Don’t follow instructions from someone you’ve never met to scan a QR code and send the payment through an ATM in physical cryptocurrency.

3. Do not respond to a caller claiming to be a representative of a company that you are an account holder with requesting personal information or requesting cryptocurrency. Contact the number on your card directly or the company directly to verify.

4. Do not answer a caller from an unknown phone number who identifies himself as someone you know and requests cryptocurrency.

5. Use caution if a company declares it can only accept cryptocurrency and identifies itself as a government, law enforcement, law firm, or utility company. These companies are unlikely to instruct you to transfer funds, send checks, send money overseas, or make deposits into accounts of unknown people.

6. Avoid cryptocurrency ATMs that advertise anonymity and only require a phone number or email. These cryptocurrency ATMs may not comply with US federal regulations and can facilitate money laundering. Instructions on how to use cryptocurrency ATMs with these specific characteristics are a significant indicator of fraud.

7. If you are using a cryptocurrency ATM and the ATM operator calls you to explain that your transactions are fraudulent and advises you to stop sending money, you should stop or cancel the transaction.

WATCH RELATED: BitConnect: Approximately $ 57 million of seized cryptocurrency is set to be sold to repay investors in the program

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Cryptocurrency providers at high risk of financial crime – FMA

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The Financial Market Authority has found that cryptocurrency service providers are at high risk of being targeted by money launderers and terrorist financiers.

Photo: 123RF

The industry received the rating in the FMA’s most recent sector risk assessment (SRA), in which various types of financial service providers were described with regard to illegal financial behavior.

The risk profile for the majority of the nine sectors supervised by the FMA has not changed since 2017.

However, Virtual Asset Service Providers (VASPs) that enable cryptocurrency, token or crypto-asset transactions were added and received the highest risk rating.

“Since our last assessment, the risks of virtual assets, especially cryptocurrencies, have come to the fore,” said FMA supervisory director James Greig.

“Virtual assets allow for a higher level of anonymity and have a global reach, making cross-border payments easy.”

A sector risk rating was determined on the basis of its complexity, liquidity of the transactions and the anonymity granted to clients.

This included the size of the company, the type of products offered, their value, how products can be bought and sold, customer types and country risks.

Virtual Asset Service Providers, or VASPs, that enable cryptocurrency transactions were added to the list and received the highest risk rating.

Virtual Asset Service Providers, or VASPs, that enable cryptocurrency transactions were added to the list and received the highest risk rating.
Photo: Delivered

The FMA expects all reporting offices to familiarize themselves with the risks and weak points in connection with VASPs and virtual assets and, if necessary, to include them in the risk assessment.

The main regulatory agency of cryptocurrency service providers is the Department of Internal Affairs, with the FMA overseeing a very small number of VASPs.

The 2021 sector risk assessment also confirmed the high risks associated with derivative issuers.

This follows on from the recent measures taken by the FMA against a handful of companies that failed to meet their obligations to combat money laundering.

“Derivatives issuers are inherently high risk because their products are highly liquid, accounts are easy to open, and they can have many overseas clients in higher risk countries,” Greig said.

Greig also said the rapid growth of retail investment platforms meant they could be targeted by money launderers as their compliance with their anti-money laundering commitments may not have kept pace.

This became clear at the beginning of the year when the FMA informed the retail trading platform Sharesies of failing to verify the identity of almost 8,000 customers and of insufficient customer due diligence.

“These platforms are highly liquid, so large volumes of trade can take place without suspicion, and customers can quickly create online accounts without personal verification, which favors anonymity,” said Greig.

“While these platforms often have sophisticated systems for monitoring accounts, they need to collect sufficient information about the nature and purpose of the investment.”

The FMA expected all entities subject to the FMA reporting obligation to review the new SRA and update their own risk assessments accordingly and to take into account all new risks and findings, said Greig.

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Cryptocurrency ‘mainstream’ in Australia | Bega District News

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News, latest news

Cryptocurrency has become mainstream in Australia, and according to a survey by a leading exchange, more and more women are punted. More than a quarter (28.8 percent) say they own or have owned cryptocurrencies, according to the Independent Reserve Cryptocurrency Index (IRCI) 2021 published on Tuesday. The proportion of women who deal with cryptocurrencies has doubled this year from 10.3 percent to 20 percent. Despite the amazing volatility, most of those surveyed (89 percent) made or even broke money this year. Adrian Przelozny, CEO of the Independent Reserve, said the sector urgently needs regulation to provide more security for both investors and cryptocurrency companies. “Our IRCI results this year support this as 28.6 percent of Australians who currently do not own cryptocurrency tell us that if there was better consumer protection, they would invest,” he said. Now in its third year, the annual survey of over 2,000 people tracks awareness, acceptance, trust and trust in the cryptocurrency. 26.6 percent said they would buy crypto if regulation of the industry improved. “While Australian regulators and government agencies may have taken a while to delve into cryptocurrencies and other digital assets, the Australians themselves have moved faster and we really see crypto as an asset class from the edge of the mainstream over the past year,” said Przelozny. According to the survey, Bitcoin remains the most famous and popular cryptocurrency ahead of Ethereum. The age group of 24 to 34 year olds trusted crypto the most. 27.6 percent said they shopped to get rich while people over 65 years of age said they did shopping to get rich Stay skeptical. The latest data from the Australian Tax Service shows that more than 800,000 people are making transactions in cryptocurrency. The Independent Reserve cryptocurrency exchange was developed and established in Australia in 2013 and is now licensed in Singapore. Australian Associated Press

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December 7, 2021 – 10:16 a.m.

Cryptocurrency has become mainstream in Australia, and according to a survey by a leading exchange, more and more women are punted.

More than a quarter (28.8 percent) say they own or have owned cryptocurrencies, according to the Independent Reserve Cryptocurrency Index (IRCI) 2021 published on Tuesday.

The proportion of women who deal with cryptocurrencies has doubled this year from 10.3 percent to 20 percent.

Despite the amazing volatility, most of those surveyed (89 percent) made or even broke money this year.

Adrian Przelozny, CEO of the Independent Reserve, said the sector urgently needs regulation to provide more security for both investors and cryptocurrency companies.

“Our IRCI results this year support this as 28.6 percent of Australians who currently do not own cryptocurrency tell us that if there was better consumer protection, they would invest,” he said.

Now in its third year, the annual survey of over 2,000 people tracks awareness, acceptance, trust and trust in the cryptocurrency.

26.6 percent said they would buy crypto if regulation of the industry improved.

“While Australian regulators and government agencies may have taken a while to delve into cryptocurrencies and other digital assets, the Australians themselves have moved faster and we really see crypto as an asset class from the edge of the mainstream over the past year,” said Przelozny.

According to the survey, Bitcoin remains the best known and most popular cryptocurrency ahead of Ethereum.

The age group of 24 to 34 year olds trusted crypto the most. 27.6 percent said they shopped to get rich, while people over 65 remain skeptical.

The latest data from the Australian Tax Service shows that more than 800,000 people are making transactions in cryptocurrency.

The Independent Reserve cryptocurrency exchange was developed and established in Australia in 2013 and is now licensed in Singapore.

Australian Associated Press

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