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Imposing zakat on cryptocurrency (Bitcoin): a Shariah appraisal

Author

Listed:
  • Muhammad Ikhlas Rosele
  • Abdul Muneem
  • Azizi Bin Che Seman
  • Luqman Haji Abdullah
  • Noor Naemah Abdul Rahman
  • Mohd Edil Abd Sukor
  • Abdul Karim Ali
Abstract
This research aims to study whether zakat is due on cryptocurrency (Bitcoin) and to address the issues related to imposing zakat upon it. This study is conducted based on the qualitative research method following the inductive method and explanatory research approach. The findings show that Bitcoin is recognised as a digital asset in many countries and the tax is imposed accordingly. As such, Bitcoin is among the zakatable assets since it meets the conditions of zakat on assets. Moreover, Bitcoin as a digital currency would also be zakatable if a country recognises it as currency, as would any regulated digital currency issued by a government. Imposing zakat on Bitcoin would boost the total amount of zakat collectible, which would be beneficial for needy people. Further research is recommended to provide the zakat model for Bitcoin and other cryptocurrencies.

Suggested Citation

  • Muhammad Ikhlas Rosele & Abdul Muneem & Azizi Bin Che Seman & Luqman Haji Abdullah & Noor Naemah Abdul Rahman & Mohd Edil Abd Sukor & Abdul Karim Ali, 2023. "Imposing zakat on cryptocurrency (Bitcoin): a Shariah appraisal," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 28(1), pages 91-111.
    • Handle: RePEc:ids:gbusec:v:28:y:2023:i:1:p:91-111
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