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. Saqib, who has been leading Pakistan’s efforts to adopt cryptocurrency since early 2025, stated on X that the objective is to protect Pakistanis from fraud, exploitation, and financial harm. He argued that blockchain, digital assets, stablecoins, and tokenized real-world assets represent a broad spectrum of technologies and use cases, meriting careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens.

He expressed his anticipation for continued engagement among scholars, regulators, and industry experts to ensure Pakistan’s approach is guided by both Islamic principles and a comprehensive understanding of emerging technologies. Despite these discussions, there was no indication that Mufti Taqi Usmani had revised or softened his long-standing religious opinion, maintaining that changing terminology does not alter the religious status of digital assets, which remain impermissible under Islamic law.