Zakat on digital currencies is a recent issue that has been raised in jurisprudential circles due to the unique nature of these currencies. The main jurisprudential opinions on this matter include:
1. Obligation of Zakat on digital currencies:
The majority of scholars believe that digital currencies are subject to zakat if they meet the nisab conditions (equivalent to 595 grams of silver) and a year has passed. Their value at the end of the year is measured at the market price at the time, and zakat can be paid at a rate of 2.5% of their value or from the digital currencies themselves.
2. Comparing digital currencies to traditional money:
Some consider digital currencies to be valuable money, and therefore they are treated like cash in Zakat, based on their achievement of Zakat objectives such as social solidarity.
3. The prohibitive or suspended opinion:
Some scholars hold back on the obligation of zakat on digital currencies or prohibit it due to their volatile and unstable nature or because most countries do not recognize them as an official medium of exchange. However, for those who take the view that it is permissible to deal with them, zakat must be paid when the nisab is reached and a full year has passed.
Key points:
Zakat is paid based on the value of the digital currency in the market at the end of the year.
The rise or fall in the value of the currency during the year does not affect the calculation of Zakat.
Zakat can be paid in the same currency or in cash equivalents.
For more details, you can refer to sources such as Islam Question website.
Answer and Islam Online.
This answer is not a fatwa, but rather advice based on different jurisprudential opinions and interpretations reached by scholars regarding zakat on digital currencies. If you are looking for a binding ruling or a specific fatwa that suits your situation, it is best to refer to an accredited religious authority or contact the Dar Al-Iftaa in your country.