Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal Bin Saqib, met Islamic scholar Mufti Muhammad Taqi Usmani on Saturday to discuss digital assets following the scholar’s recent ruling declaring cryptocurrency trading impermissible under Islamic law.
The meeting comes weeks after Mufti Taqi Usmani issued a fatwa declaring cryptocurrency trading impermissible (haram) under Islamic law, sparking widespread debate over the future of digital assets in Pakistan.
In a post on X, Bilal Bin Saqib said both sides agreed on the need to protect Pakistanis from fraud, exploitation, and financial harm.
He said he explained that blockchain technology, digital assets, stablecoins, and tokenized real-world assets represent a wide range of technologies and use cases, and therefore should not be viewed as a single category.
According to Bilal, these technologies require both detailed technical assessment and rigorous Shariah examination before any conclusions are reached.
He added that as the digital asset sector continues to evolve, Pakistan should encourage continued engagement between religious scholars, regulators, and industry experts so that future policy is shaped by both Islamic principles and a comprehensive understanding of emerging technologies.
The statement did not indicate whether Mufti Taqi Usmani’s earlier fatwa on cryptocurrency trading had changed or whether any new religious opinion had been issued following the meeting.
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