Pakistan's Top Scholar Declares Crypto Impermissible Under Sharia

Pakistan's influential Islamic scholar Mufti Muhammad Taqi Usmani has issued a fatwa declaring cryptocurrency purchases impermissible under Sharia law. The ruling, signed by Usmani and six other scholars, describes digital assets as 'fictitious numbers in an account' that do not qualify as maal (wealth). This fatwa could significantly impact the perception of cryptocurrencies among Muslim investors in Pakistan.

The Pakistan Virtual Assets Regulatory Authority (PVARA) has engaged in discussions with Usmani to address these religious concerns, reflecting ongoing regulatory efforts to promote a framework for digital assets in the country. The fatwa may pose challenges for the acceptance and use of cryptocurrencies within Pakistan's substantial Muslim population.