Uzbekistan’s Islamic authorities withdraw fatwa against cryptocurrencies and issue apology

The highest Islamic authority in Uzbekistan has withdrawn a fatwa it issued on June 3, which stated that cryptocurrency transactions are not allowed. The statement claimed that cryptocurrency trading violates Islamic law, but due to negligence, the statement was mistakenly released on social media. In response, the Fatwa Center issued a statement titled "Correction and Apology". The statement revealed that Sheikh Nuriddin Khaliqnazar and his deputy at the Fatwa Center are currently on a sacred pilgrimage.

The statement further elaborated, "The scientific research related to this fatwa project has not yet been completed, and we are conducting extensive research on contemporary issues. We deeply apologize and assure you that the scientific research on this fatwa will be completed and reconsidered at the appropriate time."

Initially, the Fatwa Center believed that the volatility of cryptocurrency pricing and its association with gambling conflicted with Islamic law.