PVARA Chief urges careful review of cryptocurrency and digital assets

Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib has called for a detailed review of blockchain technology and digital assets, saying the sector requires careful technical and religious evaluation.

Saqib said digital assets should not be viewed from a single perspective. He explained that blockchain, cryptocurrencies, stablecoins, and tokenised real-world assets represent a wide range of technologies with different uses.

His remarks came after a meeting with religious scholar Mufti Muhammad Taqi Usmani. The two discussed digital assets and the ongoing debate over their status under Islamic law.

Saqib said the discussion was constructive and focused on understanding both the technological developments and Shariah-related concerns surrounding virtual assets.

He stressed the need for cooperation between religious scholars, regulators, and industry experts to develop a balanced approach for Pakistan.

According to Saqib, any policy regarding digital assets should consider Islamic principles while also recognising advancements in emerging technologies.

The discussion followed a recent religious ruling by Mufti Usmani regarding cryptocurrency transactions. The ruling stated that cryptocurrency does not currently meet the criteria of wealth or property under Shariah based on available expert opinions.

The ruling also stated that buying goods through cryptocurrency, including digital tokens such as USDT, is not permissible under Islamic law.

The opinion was issued after a person sought guidance on whether purchases made through cryptocurrency were valid. The individual had bought books and an online course using digital assets.

The ruling advised returning the purchased items and avoiding benefits gained through such transactions.