Responding to demand, Islamic microfinance start-up starts accepting cryptocurrencies for zakat
Photo: Illustration of the litecoin, ripple and ethereum cryptocurrency arranged for a photograph on April 25, 2018 in London, United Kingdom. Getty Images/Jack Taylor
*Paras 18 and 19 have been corrected to clarify the process of crypto zakat payments
JAKARTA - Islamic microfinance start-up Blossom Finance has started accepting zakat payments in cryptocurrencies for zakat-eligible cryptocurrency assets in response to user demand, Matthew Joseph Martin, its CEO told Salaam Gateway.
Zakat is an annual 2.5 percent tithe that is mandatory on Muslims who meet a minimum amount of wealth.
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