Crypto Czar Meets Mufti Taqi Usmani on Shariah Status of Digital Assets

Pakistan's efforts to adopt cryptocurrency have taken a significant turn after the country's crypto czar, Bilal bin Saqib, held a 'constructive discussion' with religious scholar Mufti Taqi Usmani on the Shariah status of digital assets.

The meeting comes after Mufti Usmani and six others declared purchasing goods with cryptocurrency 'impermissible' in a fatwa issued on June 10. They described cryptocurrency as 'merely the recording of fictitious numbers in an account'.

Saqib, who heads the Pakistan Virtual Assets Regulatory Authority (PVARA), shared that he explained to Mufti Usmani that blockchain and digital assets represent a broad spectrum of technologies and use cases.

'As such, they merit careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens,' Saqib contended. He emphasized the need for continued engagement between respected scholars, regulators, and industry experts to ensure Pakistan's approach is guided by both Islamic principles and a comprehensive understanding of emerging technologies.