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Indonesia bans cryptocurrency labelling it haram

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Religious leaders say the uncertainty and instability of the currency makes it akin to gambling

Indonesia has spoken out against using crypto assets as a currency.

The nation’s council of religious leaders has forbidden the use of crypto for Muslims, deeming it as haram or banned under Islamic law.

Head of religious decrees says the elements of uncertainty, wagering and harm make the currency incompatible with Islam…

But if crypto changes to abide by Shariah tenets and can show a clear benefit then Indonesia may reconsider the decision.

The country holds the world’s largest Muslim population with the finance ministry and central bank consulting first with a religious body to ensure Shariah compliance.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Do Kwan wanted by Interpol over Terra collapse

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Interpol has asked law enforcement agencies worldwide to find and arrest Do Kwon, founder of the failed cryptocurrency Terra.

The BBC reports that a red notice has been issued for the 31-year-old, who is accused of fraud over the company’s $40 billion collapse.

The notice reportedly requests information on Kwon’s whereabouts and calls for his arrest and extradition to South Korea.

It’s the latest development in the ongoing saga of the Terra blockchain project, which has been mired in controversy since its inception.

The project raised billions of dollars through an initial coin offering in 2017, but it has since been dogged by allegations of fraud and mismanagement.

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The top 5 hot cryptocurrencies to know right now

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We’ve all heard of Bitcoin, but these are the other hot cryptocurrencies making waves right now

  1. Bitcoin

    Bitcoin is the world’s first and most well-known cryptocurrency, with a market capitalization of over $100 billion. Bitcoin was created in 2009 by an anonymous person or group of people known as Satoshi Nakamoto. Bitcoin is a decentralized currency, meaning it is not subject to government or financial institution control.
  2. Ethereum

    Ethereum is the second largest cryptocurrency by market capitalization, with a market cap of over $20 billion. Ethereum was launched in 2015 and was developed by Vitalik Buterin. Ethereum is also a decentralized currency and runs on a blockchain platform.
  3. Ripple

    Ripple is the third largest cryptocurrency by market capitalization, with a market cap of over $10 billion. Ripple was launched in 2012 and is based on a distributed ledger system. Ripple is different from other cryptocurrencies in that it is not intended to be used as a currency but rather as a way to facilitate financial transactions.
  1. Litecoin

    Litecoin is the fourth largest cryptocurrency by market capitalization, with a market cap of over $5 billion. Litecoin was launched in 2011 and was created by Charlie Lee. Litecoin is similar to Bitcoin but has faster transaction times and lower fees.
  2. Monero

    Monero is the fifth largest cryptocurrency by market capitalization, with a market cap of over $2 billion. Monero was launched in 2014 and focuses on privacy and security. Monero uses a technique called “ring signatures” to make transactions more private

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One million Australians are expected to enter crypto over next year

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An Australian blockchain technology company predicts that one million Australians will invest in cryptocurrency over the next 12 months.

The report, which surveyed 2,000 Australians, found that 8 percent of respondents already own digital currency, while another 28 percent are considering investing.

The report comes as the Australian government is taking steps to regulate the cryptocurrency industry.

Earlier this year, the country’s Senate released a draft bill that would require digital currency exchanges to register with the financial intelligence agency AUSTRAC and comply with anti-money laundering and counter-terrorism financing laws.

The rise in cryptocurrency ownership in Australia is being driven by a number of factors, including a growing awareness of digital currencies and their potential to generate returns, as well as increasing media coverage of the sector.

In addition, a number of high-profile investors have recently come out in support of cryptocurrency, which has helped legitimize the asset class in the eyes of potential investors.

While there is certainly a lot of hype surrounding digital currencies at the moment, it’s important to remember that they are still a relatively new and volatile asset class. As such, anyone thinking about investing in cryptocurrency should do so carefully and with a healthy dose of caution.

Regulated industry

With the government taking steps to regulate the industry, Australia is set to become one of the first countries in the world to comprehensively regulate digital currency exchanges. While there is significant hype surrounding digital currencies at present, investors should exercise caution when considering investing in this relatively new and volatile asset class.

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