ISLAMABAD – Pakistan’s growing push to regulate digital assets encountered religious hurdle after one of the country’s most influential Islamic scholars declared cryptocurrency trading Haram under Shariah.
PVARA Chairman Bilal Bin Saqib met renowned Islamic jurist Mufti Muhammad Taqi Usmani to discuss the future of blockchain technology, cryptocurrencies, stablecoins, and other digital assets amid Pakistan’s evolving regulatory landscape.
During the rare meeting, Bilal Bin Saqib presented the case for distinguishing blockchain technology from cryptocurrencies and other digital assets. He argued that blockchain infrastructure, stablecoins, tokenized real-world assets, and cryptocurrencies are fundamentally different technologies with separate use cases and should not be judged under a single framework.
Crypto czar said each category deserves an independent technical review alongside a comprehensive Shariah assessment before any final religious or regulatory conclusions are reached.
Bilal stressed that Pakistan must continue fostering dialogue between Islamic scholars, regulators, policymakers, and industry stakeholders as the global digital asset ecosystem rapidly evolves. He said sustained engagement is necessary to develop a regulatory framework that remains aligned with Islamic principles while allowing the country to keep pace with financial innovation.
Despite the high-level discussions, there was no indication that Mufti Muhammad Taqi Usmani had revised or softened his long-standing religious opinion on cryptocurrency trading.
According to the fatwa, simply changing the terminology of digital assets does not alter their religious status. Whether described as cryptocurrencies, virtual currencies, tokens, or stablecoins, the ruling maintains that they fall within the same category and remain impermissible under Islamic law.
The renewed religious stance arrives at a critical time as Pakistan moves forward with plans to regulate digital assets and expand its blockchain ecosystem. The development is expected to intensify debate over how emerging financial technologies can be integrated into the country’s economy while remaining compliant with Islamic principles.
New Fatwa shakes Crypto World as Mufti Taqi Usmani declares virtual currency trading ‘Haram’
