Crypto Czar Discusses Shariah Status of Digital Assets with Mufti Taqi Usmani

Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib held a "constructive discussion" with religious scholar Mufti Taqi Usmani regarding the Shariah status of digital assets on Saturday. This meeting followed a fatwa (religious decree) issued on June 10 by Mufti Usmani and six other scholars, including a former judge of the Federal Shariat Court, which declared purchasing goods with cryptocurrency "impermissible." The decree, originally from Darul Ifta, Jamia Darululoom in Karachi, described cryptocurrency as "merely the recording of fictitious numbers in an account" and not considered 'maal' (wealth) in Sharia, meaning the buyer does not technically become the owner. Mr.