UK Mosque Collects Four Times More Donations in Crypto Than Fiat – Economics Bitcoin News


UK Mosque Collects Four Times More Donations in Crypto Than Fiat

A British Mosque has collected four times more donations in cryptocurrencies than fiat, showing another example of the growing importance of the innovative instruments in charity. People from all around the world donated to the mosque using cryptocurrency during Ramadan, including one transaction of over £5,200.

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Crypto Mosque

UK Mosque Collects Four Times More Donations in Crypto Than FiatThe Shacklewell Lane Mosque, also known as Masjid Ramadan, in Dalston, East London, UK has decided to accept cryptocurrencies as charity, as we reported back in May. The move has paid off well for the house of prayer as it reportedly collected four time more donations in crypto than fiat  during the month of Ramadan. It received £13,983 from cryptocurrency donations, compared with just £3,460 from fiat donations.

The Hackney mosque’s chairman, Erkin Guney, told local media inews: “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.” He added: “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!”

Bitcoin Charity

UK Mosque Collects Four Times More Donations in Crypto Than Fiat24 people from around the world donated to the mosque using cryptocurrency, including one transaction of over £5,200. The funds are earmarked for repairs to the facility, offering food and shelters to needy locals, as well as supporting poor Muslim families with funeral costs. Gurmit Singh, founder of London-based Islamic finance startup Combo Innovation who 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 just one example how the cryptocurrency community is supporting all kinds of charitable organizations. Other recent cases include Binance donating $1 million to Japanese flood victims, and Paxful granting academic scholarships to female Afghan refugees in the US. And this mosque is not the first religious establishment to turn to aid from crypto users. Back in January we reported about ICF Zurich, an evangelical church from the largest city in Switzerland, which begun accepting voluntary offerings from its parishioners using cryptocurrency.

What is stopping more religious organizations from accepting crypto donations? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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Britian, british, Charity, donations, islamic, mosque, N-News, uk, United Kingdom

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Avi Mizrahi

An economist and financial writer, Avi has been covering Bitcoin since 2013. Routinely talks about the promise of cryptocurrency at conferences around the world.

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