TechFlow news, July 13, according to The Block, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal bin Saqib held talks with Islamic scholar Mufti Taqi Usmani regarding the Sharia compliance of crypto assets.
Previously, on June 10, Usmani issued an Islamic decree (Fatwa), ruling that cryptocurrencies (including USDT) do not meet the Sharia definition of "wealth," and declaring transactions using cryptocurrencies to purchase goods or services invalid.
In response, Saqib called for separate technical assessments and Sharia reviews for different types of blockchain assets such as stablecoins and tokenized real-world assets, rather than a one-size-fits-all approach.
Currently, Pakistan is actively advancing plans such as issuing sovereign stablecoins, tokenizing national assets, and issuing crypto exchange licenses. The relevant regulatory framework explicitly requires compliance with Sharia law, and this controversy surrounding the religious ruling may have a significant impact on the progress of the aforementioned plans.
