This is undoubtedly a matter of great joy, especially since the exchange of zakat through Bitcoin will further increase the popularity of Bitcoin. Muslim countries that were against Bitcoin will also gradually come to Bitcoin's favor. Islamic countries will gradually approve the acceptance of Bitcoin. If Islamic aid is given in exchange for Bitcoin, then other Islamic countries can certainly create opportunities for banking transactions.

You know what.  There are many religious practices I either do not understand or do not agree with, but this is certainly not one of them.  Unless the Money goes not toward the Poor as charities are supposed to work but to the Rich instead, just like many Scam 'charities' work, there is nothing wrong with it in my opinoin.  Particularly if this is a tradition.

It is certainly a good thiing to see Bitcoin recognized as Wealth.  It is in fact kind of surprising in a way.  But I wonder, why do other countries not include Bitcoin in Zakat?  Are religious Muslims supposed to pay their percentage of Bitcoin in Zakat, consdiering it is a type of Wealth?  As in, is it a 'sin' to pretend it is not Wealth but knowing it is, and still not paying the Zakat?

Most Muslims still consider cryptocurrency to be haram, because it contains high elements of gharar (uncertainty) due to extreme price volatility and the potential for money laundering/other criminal activities. But there are some who consider it halal because it can be used in daily transactions and there is no element of usury in its use or as long as the user does not violate sharia law in its use.

I think that Muslim scholars in Malaysia refer to the last point I said where it can be used as a transaction and can be traded and it has become a new source of wealth for people - so that Muslim crypto holders need to pay zakat on their assets.

However, this is still a question, why do Muslim scholars there equate all of that to cryptocurrency? because memecoin contains elements of gharar - it is based on speculation and there is gambling there - and it is clearly haram to be used as zakat, and several other altcoins that are riskier. Unlike Bitcoin which is safer and has clearer uses, and is more suitable for use in zakat. The scholars there should be able to distinguish which assets are suitable for zakat or not, because not all cryptocurrencies meet the halal elements.

The Muslims has been one strong traditional religion that're strict and committed with their religion beliefs.
What I don't understand in that perspective view if bitcoin is permissible or forbidden based on their beliefs and yet their governments are facilitating on accepting bitcoin on the zakat custom.
That mentality is doing those fellows stepping back from investing on bitcoin no good but a setback because bitcoin hasn't been an illicit potential of breaching religious practices neither does it portrays indecent potentials.

I don't know specifically why Malaysia is the first Muslim country in the world to legalize Bitcoin for Zakat. However, I saw a report in my local media that said that such an initiative has been taken to inform and train Muslims about Zakat in the age of cryptocurrency. As cryptocurrency is a growing sector in Malaysia, currently 54.2 percent of the country's total investors are under this sector. Most of the investors are between the ages of 18-34. Their investment in this sector is about $3.6 billion. Therefore, the government thinks that this crypto sector can be a new source of Zakat, especially for the younger generation. 63.5 percent of the total population of Malaysia is Muslim, while a large portion of investors in the crypto sector are Muslims. Digital currency has been recognized as a tradable product at the 134th session of the Federal Territories Islamic Religious Council. Datuk Abdul Hakim Amir Osman, "Now is the era of digitalization. As the economy is becoming digitalized, we also have to adapt to the changing times."

I beg to differ on the point that Bitcoin is considered halal by many Muslims because there has been a launch of the Islamic coin which is also a crypto currency or digital currency and it operates on the Blockchain like Bitcoin does. If the Islamic world chose to not accept BTC but choose to create theirs, which is the Islamic coin, then I don't think there's any difference in accepting BTC for use or not because unlike the Islamic coin which is a digital currency for exchange and trade, Bitcoin is also a digital currency with same functionality.

Every country right now is trying to make new breakthroughs in cryptocurrency or digital currency applications and no one can really say how such a country may decide to adopt it, either to create a new coin or to create a new system that manages the use of cryptocurrency and that's great because that's what Malaysia has done with the introduction of Bitcoin in Zakat which is a rightful obligation for every Muslim faithful who is rich and accomplished at a very distinguished time in their life.

Based on what I've read, zakat is also imposed on assets. Your Bitcoin is an asset. Therefore, you will pay zakat on it, not on its profit.

However, the specific rule of zakat on assets is that it is only payable if the asset is acquired to generate wealth. What if a Muslim bought Bitcoin not to generate profit but to be used as money in the future when it's already widely accepted in the country? Would that exempt him?


According to the article, "Malaysia has become the first country in the world to permit the use of digital assets for zakat payments". The title itself says, "Malaysia allows crypto in zakat payments". There's also the phrase "as a legitimate form of zakat payment".

From these lines, I think it means zakat can be paid in Bitcoin.

Moreover, as I've clarified above, zakat is imposed not on the gains of your Bitcoin but on your Bitcoin itself. If you have a land as an asset, for example, zakat is to be imposed on it, not on its gain. I'm supposing Bitcoin and other crypto are treated like other assets as zakat has already been collected from cryptocurrencies in the previous years. 


I think so, although in certain Christian religions, tithes aren't mandatory and 10% isn't required. They should be given from the heart. Other Christian religions, however, require 10%, although I don't think it is imposed strictly.

I'm of the belief that zakat isn't also imposed strictly. Aramco, for example, is worth almost $2 trillion. Do they pay $50 billion a year just for zakat? That's a huge amount considering that they also pay a much bigger amount for their income tax because they're under a dual tax system.

It seems like a joke to me but in the long run,the Muslims are very intentional about their beliefs.They're obsessed with what they believe over their finances.Some of them literally thinks there's a serious repercussions to investing perhaps investing in Bitcoin.
Their belief and fear of Bitcoin is as though their ancestors had a bad experience with Bitcoin years back because the decision and the disengagement is dually unbelievable and unreasonable to comprehend.