After the crypto fatwa, Bilal bin Saqib took the blockchain …..

Admin.CEO 12 July, 2026News & Updates, Pakistan News

After the crypto fatwa, Bilal bin Saqib took the blockchain case to Mufti Taqi Usmani

ISLAMABAD – Pakistan’s debate on cryptocurrencies and blockchain took another turn after the country’s top cleric declared trade in these virtual assets haram.

Amid the uproar following the recent decree, Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib met with Islamic scholar Mufti Muhammad Taqi Usmani, who argued that cryptocurrency trading is permissible under Islamic law.

Detailing the debate on social media, Bilal said he explained that blockchain technology, digital assets, stablecoins, and tokenized real-world assets should not be viewed as the same. Instead, he argued that each represented a distinct technology with different use cases, requiring independent technical assessments as well as comprehensive Shariah assessments before reaching any conclusions.

Today I had a constructive discussion with Mufti Taqi Usmani on the ongoing debate about digital assets and their Shariah status.

We are united by one primary goal: protecting Pakistanis from fraud, exploitation and financial loss.

I shared that…

— Bilal bin Saqib MBE (@Bilalbinsaqib) July 11, 2026

He also stressed that as the digital asset ecosystem continues to develop globally, Pakistan should encourage sustained dialogue between religious scholars, regulators, policy makers and industry experts. According to Bilal, such engagement is necessary to develop policies consistent with Islamic principles while keeping pace with emerging financial technologies.

Despite the meeting, there was no indication that Mufti Taqi Usmani had changed his previous religious opinion or issued a revised fatwa on cryptocurrency trading.

The high-level meeting comes at a time when Pakistan is exploring regulation of digital assets, while religious orders have raised fresh questions about how blockchain technology and cryptocurrencies will fit into the country’s financial future.

According to the fatwa, changing the terms from cryptocurrency to virtual currency, token, or stablecoin does not change their religious status. The fatwa states that all such digital assets belong to the same category and therefore fall under the same religious prohibition.

For the nonconformist, a fatwa does not constitute state law. However, given Mufti Taqi Usmani’s influence in Islamic finance and jurisprudence, the decision is expected to shape many Muslims’ views on cryptocurrency trading and investing.