London mosque now accepts bitcoin in donation
Bitcoin
The Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees
A mosque in London has started accepting donations in cryptocurrency Bitcoin, reports said.
News agency Reuters reported while quoting a mosque leader saying that the Shacklewell Lane Mosque in Dalston, east London, has decided to accept bitcoin and other cryptocurrencies in a bid to widen its donor base and cut down on currency conversion fees.
"For a donor that already has a bitcoin or an ethereum account, the effort of converting cryptocurrency into say British pounds or dollars can be quite burdensome. The mosque effectively takes the burden on themselves," said blockchain consultant Lukasz Musial, who helped the mosque set up the technology, Reuters reported.
Whether the cryptocurrency Bitcoin is permissible in Islamic law, it has been a constant topic of arguments among the scholars of the Islamic religion.
Media reports last month said that the Sharia Law declared Bition halal in Islamc law. But, Egypt's Grand Mufti has said that it is not permitted as per the Islamic law.
However, Shacklewell's imam Abdalla Adeyemi has defended the mosque's decision.
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"Bitcoin is like any other currency. It's accepted by a group of people, We ourselves are not trading. We are not involved, we are a charity," Adeyemi told Reuters.
The Reuters report further quoted mosque saying that it is one of the handful mosques to accept cryptocurrencies out of hundreds in London.
According to the report the mosque is expecting to double its donations this year to more than $13,000.
As per Islamic law, the followers of the religionare obliged to give 2.5 per cent of their wealth to the charity in the holy month of Ramazan.
Bitcoin is cryptocurrency and worldwide payment system. it is the first decentraliszed digital currency in which the system workd with out any intermediary.
The system is designed to work as a peer-to-peer network hwere trancations take place directly between users.
However, the usage of Bitcoin is no accepatable as a legal form of money in the majority of the country.