Uzbekistan's Islamic Authority Retracts Fatwa Against Cryptocurrency, Issues Apology

Uzbekistan’s highest Islamic authority has retracted a fatwa it issued on June 3 that deemed trading with cryptocurrencies impermissible. This declaration, which stated that cryptocurrency trading violated Sharia law, was mistakenly released on social media due to an oversight. In response, the Fatwa Center issued a statement titled “Correction and Apologies.” The statement disclosed that Sheikh Nuriddin Khaliqnazar, the director of the Fatwa Center, and his deputies are presently on a holy pilgrimage. The statement further elaborated: “The scientific research related to this fatwa project has not yet concluded, and we are conducting extensive studies on contemporary issues. We apologize and assure you that the scientific research on this fatwa will be completed and revisited in due course.” Initially, the Fatwa Center had argued that the volatile pricing and gambling associations of cryptocurrencies were in conflict with Islamic law.