Pakistan crypto chief calls for dialogue after scholar backs ruling against crypto payments

Pakistan Virtual Assets Regulatory Authority chairman Bilal bin Saqib is still pushing for a regulated digital-asset market, even after a prominent scholar backed an Islamic ruling against purchases made with crypto. For PSPs, acquirers, and banks watching Pakistan, the point is simple: the regulatory track is moving, but Shariah acceptance remains a separate gatekeeper.

1. In a Saturday post, Saqib said he met Mufti Taqi Usmani and discussed blockchain technology, digital assets, stablecoins, and tokenized real-world assets (RWAs). He said the conversation also focused on protecting Pakistanis from fraud, exploitation, and financial harm.
2. Saqib argued that the different categories of digital assets deserve “careful technical assessment alongside rigorous Shariah examination, rather than being viewed through a single lens.” He did not directly challenge the ruling, but called for continued discussion among scholars, regulators, and industry participants.
3. According to Dawn, Usmani and five other scholars signed an Islamic legal ruling issued by Jamia Darul Uloom Karachi on Friday. The ruling reportedly said purchases made with crypto, including stablecoins such as USDT, were not permitted because digital tokens did not qualify as recognized property or wealth under their interpretation of Islamic law.
4. The exchange matters because Pakistan is trying to move from restrictions to a licensed virtual-asset sector. On April 15, the State Bank of Pakistan allowed banks to open accounts for virtual asset service providers (VASPs) licensed by the PVARA, ending an eight-year restriction on regulated institutions dealing with crypto.
5. That shift sits inside a country where religious views carry real weight. Pakistan’s 2023 census recorded about 231.7 million people, or 96.35% of the population, as Muslim, which means Shariah opinion is not a side issue for crypto acceptance; it is part of the market access problem.

Pakistan’s Virtual Assets Act 2026 passed in March and established PVARA as the statutory body responsible for licensing and oversight of virtual asset activities. For providers entering the market, that creates the formal route in; the scholar debate shows that approval from regulators alone may not be enough.