PVARA Seeks Crypto Dialogue After Scholar Rejects USDT Payments

Pakistan's Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib has called for continued discussion on digital assets under Islamic law. This comes after a meeting with scholar Mufti Taqi Usmani, who issued a ruling rejecting cryptocurrency purchases due to their lack of recognized Shariah wealth status.

The ruling, dated June 10, 2026, stated that current research did not establish cryptocurrencies as recognized property or wealth. It described them as 'merely the recording of fictitious numbers in an account.' Saqib did not directly reject this finding but instead asked for separate reviews of different digital asset categories.

Pakistan continues to build a regulated virtual asset sector, with PVARA licensing and supervising virtual asset service providers. The Virtual Assets Act 2026 created PVARA as the body responsible for regulating the industry.