Malaysia is the first country in the world to include Bitcoin in Zakat

[Gost ms]

Malaysia is the first country in the world to include digital currency or Bitcoin in Zakat. All Muslim individuals who invest in Bitcoin. It has been determined that they will have to pay 2.5 percent Zakat at the end of the year from the amount they invest.

https://www.thedailystar.net/tech-startup/news/malaysia-allows-crypto-zakat-payments-3804951

For Malaysian Muslims, Bitcoin is considered a halal digital currency from an Islamic perspective. There are many Muslim brothers and sisters who think that Bitcoin is forbidden from an Islamic perspective. For this reason, many are not willing to invest in Bitcoin. But Malaysia is the first country in the world to include Bitcoin in Zakat.

[memehunter]

This is a clear indication that the real infrastructure of any superstructure (Marx) is indeed Economic not Political nor Religious. Economic logic will supersede . Great news in terms of increasing Bitcoin's adaption though.
So this 2.5% will be from profit or total investment?

[Oshosondy]

According to the news, it is not only bitcoin that will be allowed in Zakat, also other cryptocurrencies will be allowed. If Muslim forbids gambling, I think they should also forbid cryptocurrencies expect just fees ones like bitcoin. Others like memecoins are very risky just like gambling.

[kotajikikox]

Malaysia is the first country in the world to include digital currency or Bitcoin in Zakat.

I think you need to clarify what Zakat is because not everyone knows what this is. I am not Muslim but from what I know, Zakat is a mandatory donation of all muslims taken from their profit. Correct me if I am wrong but only adult muslims and those who have a wealth of a certain amount are required to pay Zakat and they only do this once a year. From what I have searched, 2.5% of their profit must be donated.

Anyway, it is good that religious groups are now starting to see bitcoin for what it is which is a currency. It is very smart in their part because now people could be more motivated to donate since it would just be easy and very convenient.

[Despairo]

So this 2.5% will be from profit or total investment?

Both of them.

Example, if you get paid 0.005 BTC or worth of $500 from signature campaign, you need to give 0.000125 BTC.

Now, your coins left is 0.004875 BTC or worth of $487.5, if Bitcoin price doubled and you sell it for $975, you will need to pay 2.5% from the profit too, which is $487.5 x 2.5% = $12.1875

Correct me if I am wrong but only adult muslims and those who have a wealth of a certain amount are required to pay Zakat and they only do this once a year. From what I have searched, 2.5% of their profit must be donated.

Correct, they need to have at least $8,759 wealth in order to be eligible to pay zakat.

It's not only the profit, but the total investment too.

[criptoevangelista]

I don't consider bitcoin an investment, but rather a monetary system, that is, money. So why pay a percentage on "investments"? Anyway, I don't know if this is good or bad news, after all, bitcoin is freedom, and everything that is freedom can be used in any way you want... the positive point is that more people will have access and will be able to have bitcoins and everything it provides, even paying a percentage on "investments"

[Catenaccio]

I don't consider bitcoin an investment, but rather a monetary system, that is, money. So why pay a percentage on "investments"? Anyway, I don't know if this is good or bad news, after all, bitcoin is freedom, and everything that is freedom can be used in any way you want... the positive point is that more people will have access and will be able to have bitcoins and everything it provides, even paying a percentage on "investments"

With freedom, you and others are free in their thinking about Bitcoin as money, currency, investment asset, store of value, whatever. You can not have agreement with all other people about what Bitcoin is, what it can be used for.

The good news is Bitcoin is a public blockchain, and it's opened for everyone to use it, if you want, you can join and become an investor, user, miner, a Bitcoin node operator.

Bitcoin is better than many other investment assets since 2009, with super high ROI and in security, it's best as no way to brute force Bitcoin private key. If you keep your Bitcoin private key safely, secure its backup too, you always have your bitcoin and noone can steal it. With Bitcoin you can bring it everywhere, just in a USB stick, a paper, and in any device.

[kryptqnick]

Malaysia isn't a small country by population, and around 20 million of its people are Muslim. So this is a decision that affects 20 million people, it is quite significant. I would say it's good news because it means legal recognition of Bitcoin as something legitimate and a means of payment. However, I don't understand from the article whether Zakat is to be paid in Bitcoin directly or in local currency but for gains related to Bitcoin.
Can anyone clarify?

[jcojci]

That is a good approach to use Bitcoin as a Zakat. So Bitcoin is is Halal for Muslims in Malaysia and that is just wait for the other Muslim countries that do the same as Malaysia.

If that is happen in my country, I think our people will not object it and will follow the new regulation from the government. The Muslim government country and the religious people on the Muslim countries need to open their minds and start research for more about Bitcoin. They will see that Bitcoin is one of the investment that help their people to grow their economical.

So that will be one of source of income that can be impose as a Zakat. But the money they need to pay as a Zakat need to reach a minimum in Muslims law.

[Doan9269]

Malaysia is the first country in the world to include digital currency or Bitcoin in Zakat. All Muslim individuals who invest in Bitcoin. It has been determined that they will have to pay 2.5 percent Zakat at the end of the year from the amount they invest.

I understand that religious beliefs may be involved together with a political decision here, but what I don't understand is if the zsjat which I believed to be tithe is given to their government or the religious body, since everyone investing in bitcoin has been saddled with such responsibility of paying zakat, at what account or to which account is all the payments going.

For Malaysian Muslims, Bitcoin is considered a halal digital currency from an Islamic perspective. There are many Muslim brothers and sisters who think that Bitcoin is forbidden from an Islamic perspective. For this reason, many are not willing to invest in Bitcoin. But Malaysia is the first country in the world to include Bitcoin in Zakat.

Am not sure if this answer the question clearly, since the country is already is Muslim country, is this coming from the government or the Bitcoin enthusiast who are the community members as well as the Muslim bitcoiners or what.

[Strongkored]

This news at least opens a new perspective for countries that tend to prioritize religious law regarding Bitcoin.
My country which is close to Malaysia might follow this step, especially since it will soon enter the month of Ramadan and before Eid al-Fitr Muslims must pay zakat, but I have not seen any institutions that accept zakat collection that accept Bitcoin to pay zakat.

[HelliumZ]

There is controversy over how Islamic scholars issue fatwas on paying zakat via Bitcoin. In Islamic terminology, Bitcoin is considered a prohibited currency, and therefore Zakat cannot be paid through Bitcoin. Moreover, gambling platforms directly support Bitcoin, which is considered a reprehensible and reprehensible act in Islamic terms, so there is doubt as to whether Zakat can ever be exchanged through Bitcoin. However, if Bitcoin is used purely as a currency and is accepted as a medium of exchange for all purposes, then there is no doubt that Zakat can be paid.

[Queentoshi]

For Malaysian Muslims, Bitcoin is considered a halal digital currency from an Islamic perspective. There are many Muslim brothers and sisters who think that Bitcoin is forbidden from an Islamic perspective. For this reason, many are not willing to invest in Bitcoin.

I have seen many reasons why people have refused investing in Bitcoin, but I've never imagined or seen anyone put religion forward as a reason why they are not investing in cryptocurrency particularly Bitcoin. I will be very angry with myself if I see others profiting from their investments in Bitcoin and maybe because of religion I am losing and seeing myself heading the way of permanent poverty, the same religion where I am being promised prosperity and all forms of blessings.

[lovesmayfamilis]

Anyway, it is good that religious groups are now starting to see bitcoin for what it is which is a currency. It is very smart in their part because now people could be more motivated to donate since it would just be easy and very convenient.

For those who want to donate, there should not and will not be obstacles. All these, like, "innovations" only say that money, and bitcoin is money, is needed by everyone. How to understand religion, which in theory should be unified, unified in all its definitions, if cryptocurrency is allowed, let it be in all those countries that rely on religion; if not, then it should not be called "zakat" or another religious term .

I see only manipulation here: what is profitable, then it is possible; what is not, then it is not.

There is no need to look for religion where there is an economy, and nothing more. memehunter gave a good definition of all these innovations, and religion in general always keeps away from money (if it is real).

So this 2.5% will be from profit or total investment?

It's hard to imagine that everyone will be honest.

[Patikno]

Malaysia is the first country in the world to include digital currency or Bitcoin in Zakat. All Muslim individuals who invest in Bitcoin. It has been determined that they will have to pay 2.5 percent Zakat at the end of the year from the amount they invest.

https://www.thedailystar.net/tech-startup/news/malaysia-allows-crypto-zakat-payments-3804951

For Malaysian Muslims, Bitcoin is considered a halal digital currency from an Islamic perspective. There are many Muslim brothers and sisters who think that Bitcoin is forbidden from an Islamic perspective. For this reason, many are not willing to invest in Bitcoin. But Malaysia is the first country in the world to include Bitcoin in Zakat.

I see that the Malaysian government's efforts to allow its people to pay Zakat using Bitcoin and crypto are for the purpose of simplifying and facilitating the payment of Zakat, especially for Bitcoin and crypto activists there. And this is truly the first country to allow Zakat payments. I hope my country will do the same, especially because my country is one of the countries with a Muslim population, but I feel that the most important thing to allow is Bitcoin, because other cryptos still have risks and still need a lot of consideration to be included, especially if it is shitcoin or memecoin. However, what Malaysia did is a part of the history of Bitcoin's development, especially in terms of its adoption.

[Frankolala]

According to the news, it is not only bitcoin that will be allowed in Zakat, also other cryptocurrencies will be allowed. If Muslim forbids gambling, I think they should also forbid cryptocurrencies expect just fees ones like bitcoin. Others like memecoins are very risky just like gambling.

Looks like they don't understand that only bitcoin is unique. I don't like anything shitcoins and let this not discourage them in future. This is good news that a Muslim country is open to crypto and I believe that others will start following Malaysia footstep. If a country has a leader that wants the best for his citizens, he will welcome cryptocurrency no matter the religion.

[asriloni]

That is a good approach to use Bitcoin as a Zakat. So Bitcoin is is Halal for Muslims in Malaysia and that is just wait for the other Muslim countries that do the same as Malaysia.

If that is happen in my country, I think our people will not object it and will follow the new regulation from the government. The Muslim government country and the religious people on the Muslim countries need to open their minds and start research for more about Bitcoin. They will see that Bitcoin is one of the investment that help their people to grow their economical.

So that will be one of source of income that can be impose as a Zakat. But the money they need to pay as a Zakat need to reach a minimum in Muslims law.

Hopefully, other countries will follow Malaysia's step to consider Bitcoin is Halal. I'm still seeing plenties of muslim countries are treating Bitcoin is haram. This can be a good move for Bitcoin to be massive on muslim countries.

Although it may take some time, better than getting banned.

[Solosanz]

Hopefully, other countries will follow Malaysia's step to consider Bitcoin is Halal. I'm still seeing plenties of muslim countries are treating Bitcoin is haram. This can be a good move for Bitcoin to be massive on muslim countries.

Although it may take some time, better than getting banned.

What do you mean? haram and halal is about the religion, not the country.

There's nothing like something in Malaysia is halal while in the other country it's haram.  Is there a country where eating pork is halal for Muslim?

There's need an one answer whether Bitcoin is halal or haram, since Malaysia accept Bitcoin in Zakat, this mean Bitcoin is halal. It just depend on where they live, if the country ban Bitcoin, Bitcoin is still halal, but the country prohibit to use it.

[Dunamisx]

According to the news, it is not only bitcoin that will be allowed in Zakat, also other cryptocurrencies will be allowed. If Muslim forbids gambling, I think they should also forbid cryptocurrencies expect just fees ones like bitcoin. Others like memecoins are very risky just like gambling.

They may not since some of the elites there understand what a digital currency is and how it is different from gambling, not making it only bitcoin to be accepted is even a risk on them, because anyone can come up with any unrecognized altcoin to make payment with, but when it's Bitcoin or together with fee selected coins, then it could be more reasonable for them, the religious countries are taking a very serious advantage in digital currencies and mostly in cryptocurrency, another good example is Dubai.

[Shadiq]

There is controversy over how Islamic scholars issue fatwas on paying zakat via Bitcoin. In Islamic terminology, Bitcoin is considered a prohibited currency, and therefore Zakat cannot be paid through Bitcoin. Moreover, gambling platforms directly support Bitcoin, which is considered a reprehensible and reprehensible act in Islamic terms, so there is doubt as to whether Zakat can ever be exchanged through Bitcoin. However, if Bitcoin is used purely as a currency and is accepted as a medium of exchange for all purposes, then there is no doubt that Zakat can be paid.

Why are you confusing the issue? There is a difference between paying Zakat through Bitcoin and paying Zakat on Bitcoin. Of course, people who are entitled to Zakat will not accept Bitcoin or want to accept it, because they need cash and such a poor (more) person will not be an educated person who knows Bitcoin and how to use Bitcoin. Maybe some people may agree to accept Bitcoin.

Suppose, it is obligatory for you to pay Zakat on your land. If you want to pay Zakat, will you give your land to a poor person as Zakat? Of course not. You have to pay 2.5% of the value of your land as Zakat to the poor. You can consider Bitcoin in the same way. You must set aside and pay Zakat on 2.5% of your total Bitcoin holdings, equal to the Bitcoin equivalent value or equivalent amount. For example, if you own 100 Bitcoins with a market value of approximately $10,000,000 (assuming an exchange rate of $100k), then you must pay Zakat on 2.5 Bitcoins with a market value of $250,000. This means you must pay this amount in fiat.