Bridging the gap: Malaysian Islamic fintech opens the doors for crypto donations
The value of Bitcoin around the world collectively stands at around US $160.4 billion. Bitcoin alone accounts for 0.4% of the world's money. On a conservative assumption that just 5% of this is owned by Muslims, it would easily amount to over US $8 billion, most of which should be eligible for zakat which will be a total of US$200 million! This alone has the power to change so many lives around the globe for the better.
Zakat is the obligatory charity calculated on 2.5% of liquid assets held for at least a full year. Since Bitcoin and its likes qualify as a liquid asset, Muslims must take care to include their cryptocurrency assets in the calculation for their zakat obligation. There are indeed many Muslims with cryptocurrency assets looking for an option to pay zakat.
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