London mosque is accepting other currencies as donations
It is not just international conglomerates that are finding various uses for the cryptocurrency. Two months ago, a mosque in East London announced that it would be accepting donations in cryptocurrency as well as fiat currency. In a statement made yesterday, the mosque announced that they have received far more donations in cryptocurrency than in GBP.
The Shackwell Lane Mosque in Dalston said that it has received the equivalent of GBP 13,983 in crypt donations, around four times as much as the value of donations that were received in cash. During Ramadan 24 crypto contributions were received by the mosque in total with one individual giving GBP5,200 in cryptocurrency. As per the website of the Mosque, the accepted cryptocurrencies are Ethereum and Bitcoin.
Chairman of the mosque, Erkin Guney said in a statement:
“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 [voluntary donations]. It is amazing!”
The mosque first announced that they would be experimenting with crypto contributions back on May 21st, a few days after Ramadan had started. Under Islam, Zakat, or donating a percentage of their income is mandatory to those that are able and many were using crypto so accepting the coins seemed a logical step.
Accepting cryptocurrency also meant that the mosque was able to receive overseas donations instantly and without costly transfer reed.
All donated funds will go towards feeding and providing shelter for homeless people in the area (regardless of their religion) as well as carrying out much-needed repairs on the mosque.