PVARA chief discusses digital assets with Mufti Taqi Usmani

Bilal Bin Saqib calls for continued dialogue among scholars, regulators

ISLAMABAD:

The Pakistan Virtual Assets Regulatory Authority (Pvara) Chairman Bilal Bin Saqib has held "a constructive and productive meeting" with Mufti Muhammad Taqi Usmani to discuss digital assets and their Shariah status, stressing the need for continued consultation among religious scholars, regulators and industry experts as the sector evolves.

In a statement posted on X, Saqib said he and Mufti Usmani shared a fundamental objective of protecting the people of Pakistan from fraud, exploitation and financial loss.

He said that during the meeting, he presented the view that blockchain technology, digital assets, stablecoins and tokenised assets backed by real-world assets represent a broad spectrum of technologies and should not be assessed through a single lens.

According to the authority chairman, these technologies require not only a detailed technical evaluation but also a comprehensive Shariah review in light of their distinct characteristics.

He further said that because the sector is evolving rapidly, he hoped that sustained consultation and dialogue would continue among respected religious scholars, relevant regulatory institutions and industry experts so that Pakistan's policy framework could be developed on the basis of Islamic principles as well as a thorough understanding of emerging technologies.

His statement comes days after Mufti Muhammad Taqi Usmani, president of Wifaq-ul-Madaris Al-Arabia and Darul Uloom Karachi, issued a fatwa regarding cryptocurrency.

According to Mufti Taqi Usmani, the opinion of experts and research conducted so far indicate that cryptocurrency does not constitute "maal" (property or wealth) in the Shariah sense, but is merely an entry of virtual numbers in an account.