Muhammadiyah reopens the discussion space regarding the law of cryptocurrency asset investment through the National Halaqah of Cryptocurrency Investment Law held at Ahmad Dahlan University, Yogyakarta, Saturday (28/2/2026). This forum is an important step to review the previously issued fatwa declaring it haram in 2022 by the Fatwa Division of the Muhammadiyah Tarjih and Tajdid Council.
According to official statements, this activity presents an academic and religious approach to discuss the latest developments in Bitcoin and other cryptocurrency assets amid the ever-changing dynamics of technology and the digital economy. This discussion also serves as a signal that the legal discourse on cryptocurrency within Muhammadiyah remains open and dynamic.
Muhammadiyah Opens Room for Fatwa Review
The Chairman of the Tarjih and Tajdid Council of PP Muhammadiyah, Hamim Ilyas, emphasized that changes in fatwas are not taboo. As long as the aim is to provide welfare for the community, legal adjustments can be made.
According to Hamim, Muhammadiyah has the principle of manhaj tarjih which allows Islamic law to be adjusted to the development of social realities and scientific knowledge. Therefore, discussions regarding Bitcoin and crypto assets remain relevant even though there has previously been a fatwa stating it is haram.
He emphasized that the Islam understood by Muhammadiyah is a teaching that can bring goodness to human life as a whole, both materially and spiritually. If recent developments indicate a need for adjustment, then changes in fatwas are considered something normal.
“If recent developments show that previous fatwas no longer bring welfare, then changes in fatwas are a common occurrence in the perspective of manhaj tarjih,” said Hamim.
For example, he mentioned the changes in the method of hisab in Muhammadiyah that continue to evolve over time to provide certainty and greater welfare for the community.
Crypto is Considered Complex and High Risk
On the same occasion, the Chairman of PP Muhammadiyah Anwar Abbas highlighted the complexity of crypto assets from the perspective of sharia economics. He acknowledged that this technology is relatively new and not easy to understand, especially for generations that did not grow up alongside digital developments.
In Indonesia, crypto assets have not been recognized as legal payment instruments. However, crypto assets have been recognized as digital asset commodities that can be traded legally.
From a sharia perspective, according to Anwar, there are several fundamental issues. One of them is that many crypto assets do not have a real underlying asset. In the principles of sharia finance, the existence of a fundamental asset is often an important consideration.
He explained that the crypto system operates in a decentralized manner without a central authority, using cryptographic technology and peer-to-peer transactions. These assets can be used for digital payments, investments, and cross-border transfers. However, high price volatility and security risks remain a major concern.
Anwar reminds that rapid price fluctuations make crypto asset investments high-risk. Therefore, the public needs to understand the risks comprehensively before getting involved, especially since regulations in this sector are still developing.
He also highlighted speculative practices in the crypto market that are considered to resemble a digital casino. According to him, the issue is not just with the technology, but also with market structure and the behavior of traders who often focus on quick profits.
“When investment is filled with elements of guessing and luck, it has the potential to turn into a practice that approaches gambling,” said Anwar.
In addition, the practice of leverage trading and the encouragement of repeated transactions from crypto exchange platforms are considered to potentially increase the risk of significant losses for investors. The psychological impact of instant profits can also affect long-term economic thinking.
Therefore, he assesses that stronger regulations and a change in the mindset of market players are needed so that crypto asset investments do not develop into speculative activities that contradict the principles of Islamic economic justice.
The Sharia Status of Crypto is Still Being Discussed by OJK and DSN-MUI
Discussions regarding the sharia status of crypto assets have also resurfaced since February. OJK stated that the sharia status of crypto assets in Indonesia is still in the discussion stage with the National Sharia Council of the Indonesian Ulema Council.
The Head of the Digital Financial Innovation Group of OJK, Ludy Arlianto, explained that the study process is still ongoing and requires in-depth discussion. The discussion includes the classification of crypto assets, their characteristics, and their compliance with sharia transaction principles.
This statement responds to the views of the Chairman of the Deposit Insurance Corporation, Anggito Abimanyu, who previously stated that crypto assets have the potential to fall into the non-halal category.
One of the considerations is the lack of a clear underlying asset on many crypto assets. In addition, to date, there has been no official fatwa from MUI that explicitly states that crypto assets are in accordance with sharia principles.
