Pakistan’s virtual assets regulator has called for continued dialogue on the treatment of digital assets after meeting with Islamic scholar Mufti Taqi Usmani, who backed a ruling against purchases made with crypto. PVARA chairman Bilal bin Saqib met with Usmani to discuss blockchain technology, digital assets, and the need to protect Pakistanis from fraud. The discussion covered the need for careful technical assessment and rigorous Shariah examination of different digital asset categories.
Regulatory Context
The exchange highlights tension between Pakistan’s push to build a regulated crypto market and religious objections that could shape public acceptance. Pakistan has a population of 231.7 million people, with 96.35% identifying as Muslim, making religious views a significant factor in the country.
Recent Developments
An Islamic legal ruling issued by Jamia Darul Uloom Karachi stated that purchases made with crypto, including stablecoins, were not permitted under Islamic law. Saqib called for scholars, regulators, and industry participants to continue discussing distinctions among digital-asset categories, rather than directly challenging the claim. The discussion comes as Pakistan shifts from years of restrictions toward a licensed virtual-asset sector, with the State Bank of Pakistan allowing banks to open accounts for virtual asset service providers licensed by the PVARA
Based on reporting from crypto.news.
