Pakistan crypto chief seeks dialogue after scholar rules against crypto paymentsPakistan’s virtual-assets regulator called for continued dialogue on the treatment of digital assets after meeting an Islamic scholar who backed a ruling against purchases made with crypto.
Pakistan Virtual Assets Regulatory Authority (PVARA) chairman Bilal bin Saqib has called for ongoing dialogue on digital assets under Islamic law following a meeting with scholar Mufti Taqi Usmani, who supported a ruling against using crypto for purchases. The Islamic ruling, signed by Usmani and others at Jamia Darul Uloom Karachi, stated that cryptocurrencies like stablecoins do not qualify as recognized property under Islamic law. Saqib emphasized the need for nuanced assessment across different digital asset types rather than blanket judgments. This exchange highlights the tension between Pakistan's efforts to regulate crypto through PVARA and prevailing religious concerns amid the country's recent move toward a licensed virtual asset market.
