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This is a Comparative Study study (also classified as: Normative Analysis, Descriptive Analysis).

The Ruling of Cryptocurrency According to The Indonesian Council Of Scholars(MUI) and The Indonesian Commodity Futures Trading Regulatory Agency (BAPPEBTI)

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Cryptocurrency is deemed invalid as currency and commodities by MUI, prohibiting its use in Indonesia.
The ban by MUI is attributed to issues of gharar and dharar, along with legal requirements for using Indonesian Rupiah.
BAPPEBTI permits trading of cryptocurrencies as assets if they meet specific regulatory criteria in Indonesia.
This comparative study relies on official edicts from MUI and regulatory guidelines from BAPPEBTI regarding cryptocurrencies.

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Analysis reveals MUI prohibits cryptocurrency as currency or commodities, while BAPPEBTI allows utility trading.

Muyassar et al. (2023) studied this question.

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