Zakat in Bitcoin or Zakat on Bitcoin

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Zakat in Bitcoin or Zakat on Bitcoin

There are two billion Muslims all over the world and many Muslim scholars are debating on weather to accept Zakat in Bitcoin. In our opinion, the debate should be weather to impose Zakat on Bitcoin rather than accepting it in BTC. what we do not realize here is if some one has sold all their Gold to buy bitcoin, then how much Zakat should be paid, either in fiat or in BTC. Carebit aims to address this issue with consultation from many different scholars all over the world. It will be a long process to bring everyone on one platform, but we think this is necessary.

Crypto community talks about Bitcoin as an alternative to Gold, and of course Muslims are part of this community too. If we keep ignoring the fact that someone could buy BTC rather than Gold, and keep it for one full year, should it come under Nisab? In my opinion it does and it should be considered as equivalent to Gold rather than an investment. Else, many will start buying BTC as an alternative to Gold, and the people who deserve Zakat, will start getting less and less in donations or Zakat.

Carebit aims to accept Zakat in Care coins, that will be imposed on any crypto holdings for one full year. there will be a calculation system coming up on our website, after we have discussed the issue with Muslim scholars and they all agree to the concern Carebit will put forward.

1 Comment

  1. Armaan says:

    Great Initiative for Zakat Distribution in Cryptocurrency ..
    Keep it up hard work Admin,,,..!!
    God Bless You..!

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