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A ruling on cryptocurrency religious law in Pakistan sparks controversy over the digital asset regulatory framework

WuSaidBlockchainW
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Pakistan Virtual Assets Regulatory Authority chairman Bilal bin Saqib said, after a meeting with Islamic scholar Mufti Taqi Usmani, that stablecoins, tokenized real-world assets, and other blockchain products should each be assessed under technical and Islamic legal standards, and should not be treated as the same category. Earlier, scholars including Usmani issued a fatwa ruling that USDT and other cryptocurrencies are not wealth recognized under Islamic law, and that transactions using them to purchase tangible goods or digital services are invalid. Saqib did not indicate that Usmani has changed his position. Pakistan passed the Virtual Assets Act this March, requiring exchanges, custodians, and token issuers to ensure their businesses comply with Sharia law under the guidance of the Islamic Financial Scholars Committee. The country is also moving forward with a sovereign stablecoin, the tokenization of national assets, and licensing for crypto exchanges. (The Block)
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GaslightPoet
· 9h ago
Sovereign stablecoins plus tokenizing national assets—this time, Pakistan seems to be aiming to overtake through the inside, but getting past the Shariah board will be tough.
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LendingRateAnxiety
· 07-13 00:54
Separating teaching method assessment and technical assessment is quite a unique idea. Islamic finance compliance really can’t be applied with a one-size-fits-all approach.
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Salt-BakedBabyPotatoes
· 07-13 00:45
Muffti hasn’t backed down, and Usmani’s fatwa is still hanging in the air—industry players are getting a headache: so what exactly can be touched and what can’t?
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FeeFiFoFum
· 07-13 00:37
The “Virtual Assets Law” was only implemented in March, and now there’s a push to evaluate things by category again; the regulatory framework is still being patched up—so let’s wait and see.
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