Pakistan Virtual Assets Regulatory Authority Chairman Bilal bin Saqib said that he held a constructive discussion with religious scholar Mufti Taqi Usmani regarding the Shariah status of digital assets, days after the scholar declared purchasing goods with cryptocurrency impermissible under Islamic law. The meeting followed a religious decree issued by Darul Ifta, Jamia Darul Uloom, Karachi, dated 24 Zilhaj 1447 After Hijra, corresponding to June 10, 2026. The decree, signed by Mufti Usmani along with a former judge of the Federal Shariat Court and five other prominent scholars, found that cryptocurrency does not qualify as wealth, referred to as maal, under Sharia.
Responding to a query about purchasing books with cryptocurrency, the ruling stated that such transactions were not permissible, describing digital currency as merely the recording of fictitious numbers in an account, whether in the form of Tether stablecoin or other crypto tokens. Because cryptocurrency was not recognised as wealth, the ruling held that a buyer did not technically gain ownership of goods purchased this way, and that such items would need to be returned to the seller. The scholars also addressed a related question about educational courses bought using cryptocurrency, concluding that obtaining a course through such means was not valid and that buyers were obligated to delete related materials from their devices rather than use or share them with others.
Following the emergence of the decree, Saqib, who has led Pakistan’s efforts to adopt cryptocurrency since early 2025, posted on social media platform X that he had spoken with the scholar directly. He wrote that the two were united on one fundamental objective, which was protecting Pakistanis from fraud, exploitation, and financial harm. Saqib said he had explained to Mufti Usmani that blockchain, digital assets, stablecoins, and tokenised real world assets represented a broad spectrum of technologies and use cases that merited careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens. He added that as the field continued to evolve, he looked forward to continued engagement between scholars, regulators, and industry experts so that Pakistan’s approach could be guided both by Islamic principles and a thorough understanding of emerging technologies.
Saqib heads Pakistan Virtual Assets Regulatory Authority, an autonomous federal body governed by a multi stakeholder board that includes the State Bank of Pakistan governor along with the chairmen of Securities and Exchange Commission of Pakistan and Federal Board of Revenue. The authority’s mandate covers curbing illicit finance, protecting consumers, and unlocking opportunities in fintech, remittances, and tokenised assets, while fostering Shariah compliant innovation through regulatory sandboxes. Saqib has also been serving as chief executive officer of Pakistan Crypto Council since its launch in March 2025, although the council’s current status remains unclear, with sources within the finance ministry indicating that no meetings have taken place recently.
State Bank of Pakistan legalised the use of virtual assets in April this year through the enactment of the Virtual Assets Act 2026, a move that allows banks to open accounts for licensed virtual asset service providers. In May, Saqib said Pakistan was moving ahead with developing a regulatory framework for digital assets as adoption of blockchain based technologies continued to expand across the country. He has previously noted that around forty million Pakistanis were already engaged with digital assets, largely through informal platforms operating outside regulatory oversight, a situation he said created both opportunities and risks for the country’s financial system.
Saqib had earlier announced in December 2025 that Pakistan was set to launch its first sovereign stablecoin as part of a broader drive to make virtual assets part of the formal economy. A stablecoin refers to a digital token whose value is linked to a physical currency such as the United States dollar, making it comparatively more stable than other cryptocurrencies like Bitcoin. The discussion between Saqib and Mufti Usmani marks an early attempt to bridge religious guidance with Pakistan’s expanding regulatory push around digital assets, at a time when the country continues to work out how blockchain based technologies fit within both its legal and religious frameworks.
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