Digital assets should not be viewed through a single lens: Bilal bin Saqib

Minister of State for Digital Assets and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), Bilal bin Saqib, said on Saturday that digital assets should not be viewed through a single lens after holding talks with renowned Islamic scholar Mufti Muhammad Taqi Usmani, stressing that blockchain technologies and related assets require careful technical assessment alongside rigorous Shariah examination.

The development comes after Mufti Taqi Usmani declared purchasing goods with cryptocurrency “impermissible”, citing research conducted by experts so far which found that cryptocurrency does not qualify as “wealth”.

The fatwa was originally issued by Darul Ifta, Jamia Darul Uloom, Karachi, and dated 24 Zilhaj 1447 AH (June 10, 2026). Apart from Mufti Usmani, a former judge of the Federal Shariat Court, five other prominent scholars are its signatories.

“Today, I had a constructive discussion with Mufti Taqi Usmani Sahib on digital assets and the ongoing conversation around their Shariah status. We are united on one fundamental objective: protecting Pakistanis from fraud, exploitation, and financial harm,” Saqib wrote in a post on X.

“I shared that blockchain, digital assets, stablecoins, and tokenised real-world assets represent a broad spectrum of technologies and use cases. As such, they merit careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens.

“As this field continues to evolve, I look forward to continued engagement between respected scholars, regulators, and industry experts so that Pakistan’s approach is guided by both Islamic principles and a comprehensive understanding of emerging technologies,” he said.