Pakistan’s Minister of State for Digital Assets, Bilal bin Saqib, has called for a broader discussion on blockchain and digital assets, saying the fast evolving sector should be assessed on its individual technologies rather than treated as a single category.
His remarks came after a meeting with renowned Islamic scholar Mufti Muhammad Taqi Usmani, whose recent religious ruling declared that purchasing goods with cryptocurrency is not permissible under Islamic law.
Saqib, who also serves as chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), said both sides agreed on one key priority, protecting Pakistanis from fraud, financial scams and exploitation in the digital finance space.
In a post on X on Saturday, Saqib described his discussion with Mufti Usmani as constructive and said there was a shared commitment to ensuring that any future approach to digital assets puts public interest first.
However, he stressed that blockchain technology covers a much wider range of applications than cryptocurrencies alone.
According to Saqib, blockchain networks, digital assets, stablecoins and tokenised real world assets each serve different purposes and should be examined individually. He said these technologies require detailed technical analysis alongside thorough Shariah review instead of being judged through a single framework.
He added that as the sector continues to develop around the world, Pakistan should encourage continued engagement between religious scholars, regulators and industry experts. Such collaboration, he said, would help shape a policy framework that remains consistent with Islamic principles while also reflecting a clear understanding of emerging technologies.
The discussion follows a recently issued fatwa by Darul Ifta at Jamia Darul Uloom Karachi, which concluded that cryptocurrency does not meet the criteria to be recognised as “wealth” under Islamic jurisprudence based on research conducted so far.
The ruling, dated June 10, 2026, was signed by Mufti Usmani, a former judge of the Federal Shariat Court, along with five other prominent Islamic scholars.
The fatwa specifically states that using cryptocurrency to purchase goods is impermissible, adding a significant religious perspective to Pakistan’s growing debate over digital finance.
The exchange between Saqib and Mufti Usmani highlights the balancing act facing policymakers as Pakistan explores opportunities in blockchain and virtual assets while addressing religious concerns, consumer protection and the need for an appropriate regulatory framework. It also signals that discussions on the Shariah status of different digital asset classes are likely to continue as the technology evolves and new use cases emerge.
