Pakistan's state minister for crypto and digital assets, Bilal Bin Saqib, on Saturday called for a comprehensive evaluation of blockchain technologies and digital assets from both technical and Shariah perspectives, following a fatwa by one of the country's most influential Islamic scholars declaring cryptocurrency impermissible under Islamic law.
Meeting with Mufti Taqi Usmani
The remarks came after a meeting with Mufti Muhammad Taqi Usmani, whose recent fatwa argued that cryptocurrency does not qualify as legitimate wealth under Islamic jurisprudence and therefore cannot be used to validly purchase goods. The meeting was described by Bin Saqib as constructive, focusing on the ongoing conversation around the Shariah status of digital assets.
"Today, I had a constructive discussion with Mufti Taqi Usmani Sahib on digital assets and the ongoing conversation around their Shariah status," Bin Saqib wrote on X. "I shared that blockchain, digital assets, stablecoins, and tokenized real-world 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."
Regulatory Push in Pakistan
Usmani's intervention comes as Pakistan presses ahead with an ambitious push to regulate and expand its digital assets sector through the newly established Pakistan Virtual Assets Regulatory Authority (PVARA). The government has introduced licensing rules for virtual asset service providers and is working to integrate blockchain-based finance into the country's formal economy.
Prime Minister Shehbaz Sharif has directed authorities to fast-track a regulatory framework for the sector, positioning Pakistan as one of the region's most active supporters of regulated digital assets. The government has also opened a public consultation on licensing regulations and seeks to make the country a hub for blockchain-based finance and tokenized assets.
Shared Goals on Consumer Protection
Bin Saqib emphasized that he and Usmani are united on the need to protect Pakistanis from fraud, exploitation, and financial harm. He expressed hope for continued engagement among Islamic scholars, regulators, and industry experts to ensure that Pakistan's approach is guided by both Islamic principles and a comprehensive understanding of emerging technologies.
Global Debate on Cryptocurrency in Islam
Islamic scholars globally remain divided on cryptocurrencies. While Usmani and several other prominent scholars argue that cryptocurrencies do not satisfy key Shariah requirements, others have concluded that at least some digital assets, particularly Bitcoin, may be permissible under certain conditions if they avoid prohibited elements such as excessive uncertainty, gambling, and interest.
