The non-binding ruling by the Indonesian Ulema Council will deter a lot of Muslims from investing in crypto assets.
The move is aimed at improving the payments system in the West African nation.
Total value of the crypto market now stands just above $2.43 trillion with bitcoin dominating with a 46.4 percent share, according to latest data by digital asset price-tracking website CoinMarketCap.
The fear of possible defaulting of Chinese real estate giant Evergrande has caused broad sell-off in global financial markets, even causing a dip in cryptocurrencies.
The rate of cryptocurrency adoption has jumped by 880 percent in the last year as Vietnam, India and Pakistan have become the fastest crypto adopters.
The move by Italy’s market watchdog is the latest in a string of regulatory actions taken by governments against the world’s largest crypto exchange.
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