Saqib, Mufti Taqi Usmani Discuss Crypto, Shariah Considerations in ‘Constructive’ Meeting
Bilal bin Saqib said the talks focused on Shariah review and protecting 40 million Pakistanis already using digital assets.
- On Saturday, Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib met religious scholar Mufti Taqi Usmani to discuss the Shariah status of digital assets, following a fatwa declaring cryptocurrency usage "impermissible."
- Darul Ifta issued a fatwa on June 10 declaring cryptocurrency purchases "impermissible" because it is "merely the recording of fictitious numbers in an account" rather than recognized wealth.
- Saqib noted that around 40 million Pakistanis currently engage with digital assets through informal platforms, arguing that blockchain technologies "merit careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens."
- Despite the conflicting views, Saqib posted that both parties are "united on one fundamental objective: protecting Pakistanis from fraud, exploitation, and financial harm."
- The State Bank of Pakistan legalized virtual assets in April via the Virtual Assets Act 2026, as authorities remain focused on integrating digital assets into the economy, including plans for a stablecoin.
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This fatwa of this Maulana of Pakistan has come at the same time when Islamabad was promoting the crypto venture of the Trump family. Now this staunch Maulana, who follows the Sunni ideology, has said that all types of cryptocurrency are haram according to Islam and transactions should not be done in it.
Pak cleric declares cryptocurrency 'haram', issues fatwa
A prominent Pakistani Islamic scholar, Mufti Muhammad Taqi Usmani, has issued a fatwa declaring cryptocurrency trading 'haram' under Islamic law. This ruling, which covers various digital assets including Bitcoin and stablecoins, states that they do not meet the Islamic definition of wealth, potentially impacting crypto adoption despite the government's efforts to regulate and promote the sector.
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