A mosque from Dalston wants to be the first from UK to accept donations in cryptocurrencies. Ramadan tends to be the first all around the world accepting the payment with cryptocurrencies.

The imams from Masjid Ramadan decided to accept not only Bitcoin. They opted for Ethereum also to make the repairs at the mosque in Shacklewell Lane.

Every year in Shacklewell Lane it takes place the 30-day Muslim festival. Beginning from this year, the leaders oblige the persons that are using the cryptocurrencies to donate 2.5 % of their profit. The annual donation named Zakat is compulsory for everyone, excepting the poorest Muslims.

Mosque to accept donations in cryptocurrencies

The mosque hopes to raise their donation over £10,000 in cryptocurrencies. The chairman of the board of regents, Erkin Guney, declared:

“We are hoping to bring the attention to the Muslim world we need support. I’ve grown up around here and I have watched the community grow and the challenges that faces with – it’s a struggle, with housing, food, the cost of funerals and government changes. We are trying to appeal to a wider audience with the new money. It’s big in the Islamic world, and we have set up a platform for wealthier Muslims outside our community to support and donate to our mosque.”

Gurmit Singh, one of the founders of blockchain technology Combo Innovation, has trained the mosque people how to receive, store and sell cryptocurrencies.

People can make the donations on the website of the mosque. From there, the leaders will  transfer them to the bank’s cryptocurrencies hard wallet.

 “If Muslims, who make up a quarter of the world’s population, hold just 1pc of Bitcoins – or £1.04bn – then £26 million in Zakat contributions is due,” said Mr Singh.

“It’s likely the actual figure is much higher. Currently hardly any mosques or Islamic charities accept Zakat in cryptocurrencies. They are potentially losing out on millions of pounds.”

Zayd al Khair exposed the opinions of more Islamic scholars from all around the world:

 “Bitcoin is a new phenomenon so scholars are divided,” he said. “Some have taken a practical approach and others have embraced it fully, and we have decided to take their position.”