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Can You Give Zakat From Crypto?

Zakat is an annual donation that God requires Muslims to pay on their money and property, and eligible Muslims must make zakat payments.

Gezim Osmani by Gezim Osmani
22 March 2023
in Cryptocurrency
Reading Time: 2 mins read
0
Is Giving Zakat Permissible from Crypto Assets?

Zakat is an annual donation that God requires Muslims to pay for their money and property. This payment is provided as a divinely ordained entitlement to the impoverished, weak, and deserving. The Prophet Muhammad, peace be upon him, instituted zakat as the third of Islam’s five pillars.

The impoverished and destitute are zakat’s primary responsibilities, and it is to these individuals in severe need that one mustdirect theirzakat. Eligible Muslims mustcontributeto widows and orphans, refugees, war-displaced people, and victims of community violence, as well as families affected by earthquakes, storms, droughts, climate changes, and other calamities.

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Is Giving Zakat Permissible from Crypto Assets?

Zakat is determined as 2.5% of wealth retained over the prescribed amount for a full lunar year. For determining zakat payments, all assets must be taken into account. Money in bank accounts, valuable metals, stocks, debts owed to you, yourproducts for sale, and so forth.

Can You Give Zakat From Crypto?

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Every coin or asset acquired for the purpose of reselling is always zakatable. On one’s Zakat anniversary, zakat is owed based on market value. At the time of assessment, the cryptocurrency value should be translated into one’s local currency. Even if a cryptocurrency is not acquired with the intention of reselling it, coin currencies like Bitcoin, Litecoin, Ripple, and others are nevertheless zakatable due to their utility as currencies inside their ecosystem. Zakat on non-resale tokens will vary depending on the nature of the token and what it signifies.

At the end of the day, zakat is required for Muslims whose financial assets exceed the value of 87.48 grams of gold for a complete lunar year. Calculating your zakat duty might be difficult, but a fast Google search for “zakat calculator” will produce a number of internet sites that will help you figure it out.

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Gezim Osmani

Gezim Osmani

Senior Journalist, Content editor Hi there! My name is Gezim, and I'm a Senior Journalist covering crypto and fintech. I have a passion for technology and finance, and I've spent years following the latest trends in the industry. My goal is to make complex financial concepts accessible to my readers. I strive to provide insightful analysis and explain the latest developments in the world of crypto and fintech in a way that is easy to understand. I believe that knowledge is power, and I want to empower my readers to make informed decisions about their finances. In addition to my professional pursuits, I also love to take photos. I find that photography allows me to capture moments and emotions in a way that words cannot. Whether I'm traveling to a new city or exploring the great outdoors, I always have my camera with me. Photography is a way for me to express my creativity and connect with the world around me. When I'm not working or taking photos, I also enjoy hiking and spending time in nature. There's something about being outside and surrounded by natural beauty that brings me peace and clarity. I also love to read, and I'm always seeking out new books and articles to expand my knowledge. Overall, I'm driven by a desire to help people understand the complex world of finance and technology. Through my writing, photography, and other pursuits, I'm committed to creating content that inspires and informs my readers. I believe that everyone has the potential to achieve financial success, and I'm here to help them along the way. I would love to connect and see how we can work together to shape the future of crypto anf fintech. Let's connect and see where our shared interests and expertise can take us!

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