First UK Mosque to Accept Cryptocurrency Collects £14,000 in Donations
But Masjid Ramadan, or Shacklewell Lane Mosque, collected, £13,983 from cryptocurrency donations in a month – and just £3,460 from regular cash donations.
The Hackney mosque’s chairman, Erkin Guney, said: “Many people at the mosque were initially skeptical about us accepting this new money, but the fact we received four times more in cryptocurrency donations shows how important it is to be open to these new digital currencies.”
He added: “When the donations started to flow in, we were blown away. We received four times more in cryptocurrency donations than in cash from our local worshippers during Ramadan, and we are still receiving cryptocurrency Sadaqah [donations]. It is amazing!”
What will happen to the money?
The money will go towards essential repairs at the mosque, assisting poor Muslim families with funeral costs, and feeding and offering shelter to those in need in the local area, Guney said.
The mosque received 24 cryptocurrency donations throughout Ramadan from around the world. One was worth more than £5,200.
Gurmit Singh, founder of Combo Innovation, a London-based blockchain technology start-up focusing on Islamic finance, advised the mosque on how to receive, store and sell cryptocurrency safely.
“I hope other mosques and charities will now follow Masjid Ramadan’s lead to take advantage of this important new revenue stream,” he said.
Is cryptocurrency halal? As cryptocurrencies become more widely used, Islamic leaders have questioned whether it is halal. The Mufti of Egypt, has spoken out against it, pointing to the lack of regulation and anonymity of users. Because of its anonymous nature bitcoin has become associated with buying drugs and other unlawful data-x-items online. But the mosque has declared that Muslims can use it for their Ramadan donation.
Source: inews.co.uk
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