ISLAMABAD: Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has said he held a constructive and productive meeting with renowned Islamic scholar Mufti Muhammad Taqi Usmani to discuss digital assets and the ongoing debate regarding their status under Islamic law.
In a statement posted on X (formerly Twitter), Bilal Bin Saqib said the meeting focused on digital assets and the importance of protecting the public while developing an informed regulatory framework.
He said that both he and Mufti Taqi Usmani agreed on a fundamental objective: to protect the people of Pakistan from fraud, exploitation, and financial loss.
According to Bilal, the discussion emphasized that the rapidly evolving digital asset ecosystem should be examined carefully rather than treated as a single, uniform category.
He explained that blockchain technology, digital assets, stablecoins, and tokenized real-world assets (RWAs) represent a broad range of technologies with distinct characteristics.
“As these technologies differ significantly from one another, they should not be evaluated through a single lens. Instead, they require detailed technical analysis alongside comprehensive Sharia evaluation,” Bilal said.
He added that the digital asset industry continues to evolve at a rapid pace, making ongoing consultation between religious scholars, regulators, and industry experts essential.
Bilal expressed the hope that continuous dialogue among Islamic scholars, regulatory authorities, and technology professionals would help Pakistan formulate policies that are consistent with both Islamic principles and a sound understanding of emerging technologies.
He said such collaboration would contribute to a balanced regulatory approach capable of encouraging innovation while safeguarding consumers and ensuring compliance with religious and legal standards.
The meeting comes shortly after a fatwa on cryptocurrency issued by Mufti Muhammad Taqi Usmani received widespread attention.
According to the fatwa, based on research and opinions available to him, cryptocurrency does not currently qualify as “mal” (property or wealth) under Islamic jurisprudence, but is instead described as an entry of virtual numbers in an account.
Mufti Taqi Usmani also stated that purchasing goods through cryptocurrency, including USDT (Tether) or other crypto tokens, is not permissible under his current assessment.
His son, Hassan Usmani, confirmed to Geo News that the fatwa circulating in the media was indeed issued by Mufti Taqi Usmani.
The discussion between Bilal Bin Saqib and Mufti Taqi Usmani highlights the ongoing debate in Pakistan over the regulation of digital assets, with policymakers, religious scholars, and technology experts continuing to explore how innovation can be balanced with consumer protection and Islamic legal principles.
About The Author
