Indonesia banned Muslims from using cryptocurrencies due to uncertainty and gambling. The head of religious decrees said that they could trade a cryptocurrency if it complies with Shariah.
The Indonesian council of religious leaders said it banned Muslims from using cryptocurrencies due to elements of uncertainty and gambling. The authority on Shariah compliance, the Ulema National Council (MUI), made that announcement after a hearing.
The head of religious decrees, Asrorun Niam Soleh, explained that Muslims could trade cryptocurrencies if they complied with Shariah law. For the MUI to approve the sale of these assets, they must prove that they offer a clear benefit.
The Muslim population in Indonesia is around 237 million, approximately 12.7% of the total in the world.
The MUI’s latest decision does not mean it will stop all cryptocurrency trading in Indonesia, reported Bloomberg. However, the council would seek to dissuade Muslims from investing in crypto assets and suggest that local institutions reconsider issuing them.
Miami Mayor Will Share MiamiCoin Profits With Citizens
Miami Mayor Francis Suárez announced that he would give residents part of the profits made by the MiamiCoin cryptocurrency. The official said Miami would be the first American city to share returns on Bitcoin directly with its citizens.
Suárez explained that his city would make the payments through a digital wallet and work with different cryptocurrency exchanges. The mayor explained that this would allow Miami residents to have a wallet, register, and verify themselves.
The introduction of the MiamiCoin cryptocurrency happened earlier this year, Suárez recalled. Likewise, he noted that the crypto asset had generated more than USD 21 million for Miami in the last three months.
Elon Musk Sells USD 1.1 Billion Worth of Tesla Shares
Tesla CEO Elon Musk sold more than 934,000 Tesla shares worth about USD 1.1 billion. Filings filed on November 11th with the Securities and Exchange Commission (SEC) confirm that information.
Musk sold the shares at around USD 1,170, which represented a gain of almost 180% in the last year. That is the third time the businessman has sold Tesla shares since the company went public on Nasdaq in 2010.
The files indicated that Musk planned to sell the shares as part of his tax liability in September. In recent days, he conducted a survey on Twitter, in which he asked if he should sell 10% of his shares in Tesla.
There Will Be an Update Process on the Bitcoin Network
Throughout its history, Bitcoin has undergone slight changes in its fundamental structure to improve. On this occasion, the cryptocurrency will go through an update process that seeks to optimize the BTC scripting language and signatures.
This process will consider aspects such as privacy and the improvement of the interpretation of smart contracts. In addition, the new Bitcoin update will allow users to make more secure transactions.
That update, called Taproot, will bring corrections to the structure of the current version of Bitcoin, which includes scalability. The soft fork will have to cope with complex transactions easy to track and limited scalability in small blocks.
By Alexander Salazar
