When you donate cryptocurrencies, you get an array of benefits. Dar-us-Salaam has begun to accept cryptocurrency donations to serve the community in a more efficient manner whilst making things easier for the donors.
Cryptocurrencies, Blockchain, Bitcoins, and Ethereum are just a few of the many terms creating a buzz around the world right now. Although not synonymous, all these terms have something to do with digital currency.
Many Muslims have a looming question- is cryptocurrency halal? Muslim scholars worldwide have had in-depth discussion on this topic, and the verdict varies.
The answer is not straightforward, as scholars differ in their opinion. Some say it is halal to invest in, whilst others don’t agree with it completely as of yet.
However, we know one thing for sure. If you own cryptocurrencies, you can donate it as sadaqah. It is also compulsory to pay zakat on it if you hold any currency as a resellable asset.
There are numerous benefits to donating cryptocurrency; this article talks about a few:
It is Tax-Deductible
You don’t have to worry about paying thousands of dollars as tax anymore!
How does that work?
Donating cryptocurrency is a non-taxable event. In that way, you do not owe tax on the capital gains. If you were to convert your cryptocurrency into cash, you would be taxed on the amount appreciated. You can avoid this by donating in cryptocurrency to a cause that is beloved to you.
Moreover, you can deduct the amount that you donated from the taxes that you have to pay.
Donating Cryptocurrencies is Quick
Cryptocurrency donation is secure and time-efficient. The process is simple. All you need to do is go to our ‘Donate Crypto Currency’ page, enter your preferred cryptocurrency, enter the amount that you’d like to donate, and donate using our QR code, or by copying our wallet address.
This is a much simpler and secure process than entering your credit card information.
Donate With More Than 40 Cryptocurrencies
At Dar-us-Salaam, we accept several crypto currencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Chainlink (LINK), Compound (COMP), Curve (CRV), Dai (DAI), Decentraland (MANA), Dogecoin (DOGE), Enjin Coin (ENJ), Ethereum (ETH) and many more.
You can choose what you own or what you prefer, and donate to a cause that you are passionate about.
A Great Method to give Zakat
As long as you hold cryptocurrencies as resellable assets, zakat is bound to be applied on it. If you have reached the nisab, then you must pay zakat on it. Why not pay all your zakat using cryptocurrencies? This is another way to escape the tax burden, and a better way to support a non-profit organization that is innovatively working towards serving the community.
At Dar-us-Salaam, we aid the needy in a number of ways. From feeding the homeless, to educating the orphans, you have a host of good causes to choose from. All you need to do is set the niyyah and choose a cause to donate your cryptocurrency.
Giving zakat with cryptocurrencies might seem to be quite odd to many, but the more ways to purify your wealth, the better it is.
If you hold crypto assets, giving sadaqah or zakat with cryptocurrency is one of the best means to purify your wealth.
Would you like to donate now? Click here.