Pakistani regulator is pushing for a nuanced religious stance on digital currencies after an influential seminary’s ruling threatened to stall the country’s ambitious digital asset plans.
Key Takeaways
Bilal bin Saqib of PVARA challenged a June ruling by a top Karachi seminary declaring crypto unlawful.JS Global Capital warned the ruling could stall bank-led adoption for Pakistan’s 240 million people.PVARA is now working with scholars to define at least 2 safe categories of asset-backed digital tokens.The PVARA chairman said his organization is working with scholars to evaluate digital assets by category rather than treating them as a single class. The key question, he said, is whether a digital asset qualifies as recognized wealth under Shariah.
Speculative tokens with no underlying asset are a separate matter, and Saqib said scholars’ concerns “must be taken seriously.”
