A mosque in London will be one of the first in the world to accept cryptocurrency donations. The decision has been taken just one month after an important Islamic scholar declared Bitcoin permissible under the Sharia Law. The information has been released by Reuters on May the 28th.
London Mosque Accepts BTC
The Shacklewell Lane Mosque in Dalston, has taken an important step and started to accept Bitcoin and other cryptocurrencies. The main intention behind the decision is to increase the donor base and reduce fees that are paid for processing transactions.
Lukasz Musial, the blockchain consultant that helped the mosque set up the technology, explained:
“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. For the donor, it’s just the click of a button to transfer to an account providing by the charity. From the mosque’s perspective, it opens a new stream of donations coming from all over the world.”
Muhammad Abu-Bakar of Blossom Finance Indonesia, has been exploring Bitcoin’s functionalities and other virtual currencies to determine whether they are allowed under the Islamic law.
“Several recent fatawah issued by prominent Muslim scholars offered incomplete or contradictory opinions on the topic,” explains Matthew martin, CEO of Blossom Finance. “With all the confusion out there, we wanted to offer clear guidance supported by solid research that benefits both laypeople and practitioners of Islamic finance.”
The conclusion of the study carried out by Mr. Abu-Bakar says that Bitcoin is permissible due to the fact that is accepted by an important number of global merchants all over the world.
In this way, Bitcoin is being accepted everywhere around the world, and more people will start to embrace it as a means of payment.