Minister says Pakistan wants religious guidance on digital, virtual assets.
ISLAMABAD – Minister of State for Digital Assets and Chairman Pakistan Virtual Asset Regulatory Authority (PVARA) Bilal bin Saqib has said that Pakistan has taken the Grand Mufti of Pakistan into confidence on matters related to digital assets.
Addressing a news conference, Bilal said the government is setting up a Shariah advisory board for digital and virtual assets.
He said the board would provide guidance on transactions involving digital and virtual assets, adding that the Grand Mufti of Pakistan was also being consulted on the Shariah aspects of such transactions.
The minister said the government is seeking religious guidance to ensure that transactions involving digital and virtual assets are conducted in accordance with Islamic principles.
Digital delivery to reduce costs
Bilal bin Saqib said that introducing digital remittances can reduce the cost of sending remittances in Pakistan by one percent.
He said that the current cost of digital remittance is around 6.5 percent which the government has to reduce to 1 percent.
According to the minister, reducing the cost of remittances through digital channels could save around $410 million.
He said that through cheaper and more efficient digital remittances, overseas Pakistanis would benefit while potentially increasing remittances to the country.
Pakistan has a capacity of 40 million digital asset users.
The minister also claimed that the Pakistan Virtual Asset Regulatory Authority has demonstrated an “exceptionally strong performance” during its first six months.
He said that Pakistan has the capacity to accommodate 40 million users of digital assets.
Bilal said the government is working to develop a regulated framework for digital and virtual assets while also seeking Shariah guidance and promoting greater efficiency in digital financial transactions.
The post Pakistan wants religious guidance on digital and virtual assets, says minister appeared first on Daily Pakistan English News.
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