An East London based mosque has received £13,983 worth of crypto donations during the month of Ramadan, and just £3,460 in cash donations according to a British paper. Erkin Guney, Chairman of the mosque, said:
“Many people at the mosque were initially sceptical 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.
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]. It is amazing!”
Crypto donations were received from around the world, with just one such donation worth £5,200. Some 24 crypto donations were made in total, with it all insta converted into fiat.
This is the very first time in the world that a religious institution has accepted cryptos, settling a debate within Islam as to whether cryptocurrencies are permitted by their religious laws.
No church has yet accepted crypto donations as far as we know, but aid agencies have been accepting primarily bitcoin and also other cryptos for some time.
Unicef now is looking to go further by keeping crypto as crypto in what would be very much a first for any major organization. In an overview of their crypto and blockchain projects, Unicef recently said:
“One can imagine a world in which pharmaceutical companies or connectivity providers (e.g., mobile network operators) accept payments in Bitcoin, which would enable international organizations holding these assets to invest them directly—and to enable their donors to see exactly where their resources are being used and how.”
The British mosque announced on May 23rd that they will start accepting crypto donations, with the end result now revealing something interesting.
As cryptos are global in nature, Muslims from places where there might not be a mosque within distance can donate to the British mosque, thus meet their religious obligations.
Cash, on the other hand, is necessarily limited in physical movement, while bank transfers do not serve well international transfers, especially from smaller countries or currencies.
Making cryptocurrencies superior for this purpose, thus potentially leading to other likewise institutions or charities starting to accept crypto donations.