Pakistan crypto chief seeks dialogue after scholar rules against crypto payments
Pakistan’s virtual assets regulator is seeking continued dialogue with Islamic scholars after a prominent cleric backed a ruling that crypto purchases, including stablecoins like USDT, are not permissible under Islamic law. PVARA chairman Bilal bin Saqib said digital assets, blockchain, stablecoins, and tokenized real-world assets should be assessed carefully both technically and through Shariah review, rather than treated as one category. The issue matters in Pakistan because the population is overwhelmingly Muslim and religious rulings can strongly influence public acceptance. The debate comes as Pakistan moves from crypto restrictions toward a regulated market, after its central bank allowed banks to serve licensed virtual asset providers and a new law created PVARA as the licensing and oversight body.
