Quote from: shahzadafzal on Today at 05:38:17 PM

Well i didn't say you don't have to give zakat on crypto. I said how you will calculate zakat on this? For example we pay Zakat on agricultural goods, precious metals, minerals, and livestock at a rate varying between her aik pe kitni zakat hia alag se clearly defined hia Islam main and it is depending on the type of goods. How will you decide for bitcoin? That's what intrinsic value means. I hope you got the point.

You must have heard 1btc=1btc calculating bitcoin in $ is illogical from crypto point of view also.

That's also the main reason you will not find any fatwa from a known scholar regarding bitcoin.

Yes we can simplify and calculate based on Gold if you have btc equal to 85gram of gold equal to dollars. Another question will be will you deduct the fees? since we don't have this asset in $ and again we will pay zakat in our local currency. Right.

I mean I don't want to argue but again this is between you and Allah and you can decide what you feel best.

First of all, we need to know that Crypto is just another form of currency, that's why we say cryptocurrecny. It is not gold, not a precious metal, not livestock etc, it is only new form of money.

Now first take the example of fiat money. You have Rs and Dollars. Now its up to you that you convert rs into dollars and pay zakat in dollars or convert dollars into rs and pay zakat in rs. OR you can calculate dollars and pay zakat in dollar separately, while calculate rs and pay zakat in rs separately.

Now, if you do not want to convert bitcoin into dollars, because 1 btc is 1 btc then if you have 1 btc, you can detect 0.25% of the amount from your btc and crypto holding and pay that amount as a zakat. So now we don't need to convert. Also, same should be done with USDT and other coins also.

Finally, isn't it strange that when you need to send money to someone in crypto or buy anything online in crypto, you calculate it in dollars and then send the particular amount in bitcoins. but when it comes to calculation for zakat we make excuses of 1 btc = 1 btc .