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4 Times More Donation collected in UK Mosque in Crypto Than Fiat

4 Times More Donation collected in UK Mosque in Crypto Than Fiat

July 17, 2018 10:42 am,

During Ramadan, People from all around the world gave a donation to the mosque using cryptocurrency including one transaction of over £5,200. In the UK the Shacklewell Lane Mosque, also known as Masjid Ramadan, in Dalston, East London, has decided to accept cryptocurrencies as charity back in May, as it was reported in a local newspaper. The move has paid off well during the month of Ramadan for the house of prayer as it reportedly collected four times more donations in crypto than fiat. It received £13,983 from cryptocurrency donations, compared with just £3,460 from fiat donations.

Erkin Guney, the Hackney mosque’s chairman, told local news media: “Many people at the mosque and in the world were initially surprised about us accepting this new money, but the fact we received four times more in cryptocurrency donations shows how important it is to be open to these new digital currencies.” He also said that, adding to this: “When the donations started to flow in, we were blown away. We received four times more in cryptocurrency donations than in cash from our local worshippers during Ramadan, and we are still receiving cryptocurrency Sadaqah (donations). Which is amazing and shocking as well!”

Bitcoin Charity in which 24 people around the world donated to the mosque using cryptocurrency, including one transaction of over £5,200. The funds are received are used for repairs to the facility, offering shelters and food to needy locals, as well as supporting poor Muslim families with funeral costs. Founder of London-based Islamic finance start-up Combo Innovation Gurmit Singh, advised the mosque on how to support cryptocurrency donations, commented: “I hope other mosques and charities will now follow Masjid Ramadan’s lead to take advantage of this important new revenue stream”. This is one of the examples how the Religion is supporting cryptocurrency community and all other religion, holy places and charitable organizations.