Uzbekistan’s top Islamic authority recently reversed a fatwa it had issued on June 3 regarding the permissibility of trading in cryptocurrencies. The initial declaration, which had declared cryptocurrency trading as contrary to Sharia law, was mistakenly made public on social media due to an oversight. In response, the Fatwa Center released a statement titled “Correction and Apologies.” The statement revealed that Sheikh Nuriddin Khaliqnazar, along with his deputies, are currently on a religious pilgrimage. It further explained, “The research pertaining to this fatwa is still ongoing, and we are conducting thorough studies on modern issues. We apologize for any inconvenience caused and assure you that the research on this fatwa will be completed and reviewed in due time.” Initially, the Fatwa Center had argued that the unpredictable nature of cryptocurrency prices and its associations with gambling were not in line with Islamic principles.
