Blockchain
The Indonesian Blockchain Association Positively Welcomes Bahtsul Masail’s (Discussion Forum Among Islamic Scholars) Response to Justify Crypto Assets Trading
Asosiasi Blockchain Indonesia (The Indonesian Blockchain Association) is Indonesia’s official blockchain and digital asset association. The growth of the crypto asset industry in Indonesia is currently showing a quite drastic increase in transactions, the Minister of Trade, Muhammad Luthfi said last year the trading volume of crypto assets was only Rp. 65 trillion, but in 2021, for the first five months only, crypto asset transactions reached Rp. 370 trillion. Until now, there are still many questions from related parties regarding crypto asset transactions from the perspective of Islamic law which is currently starting to attract public attention.
Yenny Wahid, founder of the Islamic Law Firm (ILF) and Director of the Wahid Foundation, initiated the Bahtsul Masail (Discussion Forum Among Islamic Scholars) activity to discuss halal and haram crypto transactions. Quoted from https://www.nu.or.id/, Yenny Wahid explained about crypto assets which are considered halal by some parties because the crypto asset system as a medium of exchange is actually more free from usury than fiat money and conventional banks, with a blockchain system, transactions occur peer-to-peer without intermediaries. Some parties also argue that crypto assets can be said to be halal as long as they are not prohibited by the state or government.
The ILF presented a number of scholars in the Bahtsul Masail which was held virtually on Saturday (19/6), including the caretaker of the Sukorejo Islamic boarding school KH Afifuddin Muhajir, the caretaker of the Al-Anwar Sarang Islamic boarding school KH Abdul Ghofur Maimun, the Deputy Chairperson of the PBNU LBM KH Abdul Moqsith Ghazali, and KH Asyhar Kholil and Habib Ali Bahar. Also present were general speakers who are competent in their fields, including the Head of the Commodity Futures Trading Supervisory Agency (BAPPEBTI) Indrasari Wisnu Wardhana, the Indonesia Stock Exchange – Pandu Patria Sjahrir, Founder and CEO of PT Pintu Kemana Saja – Jeth Soetoyo, and Co-Founder and CEO Indodax – Oscar Darmawan.
Bahtsul Masail produced several discussions regarding the halalness of crypto asset transactions, including: (1) crypto assets are wealth (mal) according to fiqh, so the crypto assets being discussed with Bahtsul Masail are assets in fiqh review. The definition is that if this property is stolen, the theft must be sanctioned, if it is damaged, it must be replaced, (2) because it is wealth, it is valid to exchange it as long as there is no gharar (uncertainty). Why was it decided that way? Because there is a difference in perspective between Musyawirin (former scholars) whether crypto asset transactions occur gharar or not. Some say crypto assets occur gharar, others say crypto assets do not occur gharar. The nature of this gharar is still debated, this is because each individual sees it from their own perspective. Nevertheless, the scholars of Bahtsul Masail agree that crypto transactions must not have gharar, it’s just that the scholars have different opinions regarding this. So, if it is said that in crypto assets there is gharar, then that is not allowed. For those who say that there is no gharar, as also supported by the cleric Bahtsul Masail, crypto assets may be exchanged, (3) The informants urge the public not to make this transaction carelessly if they do not have knowledge of crypto assets, (4) The informants encourage the government to immediately make strong regulations and strengthen guarantees to avoid misuse and irregularities in crypto transactions.
Indodax as one of the Start-Up bitcoin and crypto exchanges and as a member of the Indonesian Blockchain Association represented by the CEO of Indodax, Oscar Darmawan positively welcomed Bahtsul Masail regarding Halal Haram Crypto Transactions, Oscar hopes that Bahtsul Masail’s recommendation is to allow the trading of crypto assets legally Islam can be an input for policymakers in Indonesia. Because according to him, crypto assets already have a legal basis, namely regulations, and are supervised by the Ministry of Trade and the Commodity Futures Trading Supervisory Agency (BAPPEBTI).
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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
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- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
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