14 August 2018 / 02 Dhil Hijja 1439
Nisáb = R5223.43
Silver = R8.53/g (265.17/oz)
Gold = R634.65/g (R17 134.99/oz)
Prices & Calculations include VAT
What is Bitcoin and Crypto Currency?
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Bitcoin is the first decentralized digital currency. In short, Bitcoin and other Crypto Currencies are digital coins you can send using the internet by means of technology called BlockChain. It can be considered as an alternative to “normal” money. Over the years many businesses have started to accept bitcoin as an acceptable currency and form of payment.
Zakah on Crypto Currencies
Crypto Currencies are considered assets hence Zakah must be paid on all holdings. There are numerous academic papers where prominent Ulema discuss the permissibility of Crypto Currencies. Most of these research papers deem them as halaal hence Zakah MUST be paid on their market value.
**All other conditions of Zakah (Nisaab, Haul etc) must also apply to be deemed necessary to be paid Zakah on.
** Zakah cannot be paid on unlawful gains.