The Acceptance of Cryptocurrency for Zakat Transactions: Experts’ view on its issues readiness

Abstract

This study discussed themes that can be used as guidelines for Islamic financial institutions (I.F.I.s) to get themselves equipped once legally accepted globally. Even though there are currently over 2,000 cryptocurrencies on the market, Bitcoin is still the most well-known and was the first cryptocurrency coin to go mainstream. Ten experts actively involved as academicians and industry participated in a semi-structured interview session. The study's findings discovered five themes, namely Knowledge, Security, Economics, Improvement, and Technology, successfully explored to the saturation point and are used as a guideline for the readiness to accept cryptocurrency in zakat transactions.

Keywords: Issues of Cryptocurrency; zakat; Shariah; Readiness

eISSN: 2398-4287 © 2022. The Authors. Published for AMER ABRA cE-Bs by e-International Publishing House, Ltd., U.K. This is an open access article under the CC BYNC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/). Peer–review under responsibility of AMER (Association of Malaysian Environment-Behaviour Researchers), ABRA (Association of Behavioural Researchers on Asians/Africans/Arabians) and cE-Bs (Centre for Environment-Behaviour Studies), Faculty of Architecture, Planning & Surveying, Universiti Teknologi MARA, Malaysia.

DOI: https://doi.org/10.21834/ebpj.v7i20.3419