KARACHI (Lord Media): Pakistan’s renowned Islamic scholar Mufti Muhammad Taqi Usmani has issued a new religious decree declaring cryptocurrency unlawful. The fatwa, released by scholars from Darul Uloom Karachi, includes cryptocurrencies, crypto tokens, and stablecoins like USDT.
The decree states that cryptocurrency does not qualify as wealth or an ownable asset according to Islamic principles, making its trade religiously impermissible. Mufti Taqi Usmani clarified that the electronic form of a digital asset is insufficient for it to be considered lawful wealth.
The announcement emphasizes that despite different names such as cryptocurrency, virtual currency, crypto tokens, and stablecoins, they are essentially the same type of digital asset and are subject to the same religious ruling.
This fatwa comes at a time when discussions on the regulation and legal status of cryptocurrencies and digital assets are ongoing at various levels in Pakistan, with investors keenly watching upcoming policy decisions.
