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Cryptocurrency lawful in mosques in the UK: Bitcoin calls for zakat

By raihan97 | btcmaker24 | 9 Sep 2019

A mosque in east London, UK, has declared cryptocurrency lawful and has said it will accept virtual currency like Bitcoin as Zakat throughout the month of Ramadan. Also known as the 'Lane Mosque'. Zaid Al-Khair, an official of the mosque, said that no currency is halal, nor is it haram.

Cryptocurrency is a digital currency that uses encryption technology to create new virtual currency and complete transactions without the intervention of a central bank. Since there is no central management authority on this currency, it is alleged that illegal goods can be purchased through the Internet. As a result, the debate over the legality of cryptocurrency has begun in Muslim-dominated countries. Egypt's Mufti comments that it is forbidden because there is an opportunity to do illegal acts using cryptocurrency.

During Ramadan, there are provisions for giving zakat to Muslims; Zakat is obligatory for all Muslims who are financially competent. Mosque Ramadan has called for the use of cryptocurrencies such as Bitcoin and Ethereum to donate zakat to their mosques. Combo Innovation Mosque, a London-based blockchain tech company interested in working with the Islamic economy, is offering technical advice to Ramadan. His commentary, 'At present, no mosque or Islamic charity uses cryptocurrency to collect Zakat. They are losing millions of pounds. "

The money from the Zakat grant will be used for the renovation of mosques, assisting in burial, and providing shelter and food to the poor. Mosque Ramadan authorities are hoping they can raise £ 5,000 in cryptocurrency during the month of Ramadan. Erkin Gunney, president of the mosque's board of trustees, said, "We are trying to reach our appeal to a larger community with the opportunity to use the new currency." So far there have been 3 pounds of bitcoin donations.

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In general, there is no difference between a simple paper and a note. But the value of a note can range from 2 rupees to 3 rupees - because there is a government behind it, a bank, and no authority. They sit down and decide how much a note will cost.

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