Uzbekistan’s Islamic Authority retracts Crypto fatwa

Uzbekistan’s highest Islamic authority has retracted a fatwa against cryptocurrency, blaming “carelessness” for its appearance online and saying it is still studying the issue.

• The Fatwa Center of the Spiritual Directorate of Uzbekistan’s Muslims issues a post on 3rd June saying cryptocurrencies do not meet the Sharia laws for money.
•  “signs of gambling” in crypto culture as a basis for deeming it haram.
• The Fatwa Center noted that religious authorities in various countries, such as Turkey, Egypt, and Jordan, have all provided guidance opposing cryptocurrencies.

On the evening of June 3, the Fatwa Center issued an apology on Telegram for the anticipated ruling, citing “carelessness” and “technical reasons” as the cause.

As of the beginning of 2023, residents of Uzbekistan can legally engage in crypto transactions but only through licensed providers.