Mufti Taqi Usmani

Pakistan's Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib urged Jamia Darul Uloom to differentiate between speculative cryptocurrencies and asset-backed digital tokens following a fatwa deeming crypto-based purchases impermissible under Islamic law. The regulator aims to evaluate digital assets by category, emphasizing Shariah-compliant instruments like blockchain-recorded sukuk, gold-backed tokens, and stablecoins.

Pakistan’s crypto regulator discussed with Islamic scholar Mufti Taqi Usmani following a fatwa that declared crypto purchases impermissible under Islam. The fatwa has sparked debate over the country’s digital asset regulatory framework.

Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib discussed the Shariah status of digital assets with Mufti Taqi Usmani after a fatwa declared cryptocurrency transactions impermissible. The fatwa, issued by Darul Ifta, Jamia Darululoom, argued cryptocurrency is not recognized as 'maal' (wealth) in Sharia law. Saqib emphasized the need for technical and Shariah assessments of blockchain technologies to ensure regulatory and ethical compliance.

Mufti Taqi Usmani and other scholars declared purchasing goods with cryptocurrency impermissible under Islamic law, citing that crypto is not recognized as 'maal' (wealth) in Sharia. The fatwa mandates returning items bought with crypto and prohibits their use or resale.