Pakistan Seeks Religious Clarity as It Moves Forward with Crypto Plans
Pakistan's efforts to build a regulated crypto industry have entered an important phase. The Pakistan Virtual Assets Regulatory Authority (PVARA) has asked Jamia Darul Uloom Karachi to provide clearer guidance on different types of digital assets instead of treating all cryptocurrencies as one category.
The request comes after a religious ruling issued last month stated that, under the current understanding, cryptocurrency cannot be considered a valid form of payment under Islamic law. The decision sparked discussions among investors, businesses, and policymakers.
According to the regulator, not every digital asset works the same way. Some tokens are backed by real assets such as gold, while fully reserved stablecoins represent a claim on tangible value. On the other hand, many cryptocurrencies are mainly driven by market speculation and price movements.
Pakistan is also working on licensing crypto exchanges, promoting stablecoins, and exploring the tokenization of real-world assets. The government believes these initiatives can support innovation while keeping the financial system properly regulated.
If Islamic scholars provide separate guidance for different categories of digital assets, it could increase confidence among banks, investors, and the public. It may also help Pakistan become a leader in Shariah-compliant digital finance.
For now, crypto trading activity in the country remains largely unchanged. However, the discussions taking place today could play a significant role in shaping Pakistan's digital finance landscape in the years ahead.
#SICryptoNews #bitcoin #CryptoPakistan $BTC
$XRP
$LINK
Pakistan's efforts to build a regulated crypto industry have entered an important phase. The Pakistan Virtual Assets Regulatory Authority (PVARA) has asked Jamia Darul Uloom Karachi to provide clearer guidance on different types of digital assets instead of treating all cryptocurrencies as one category.
The request comes after a religious ruling issued last month stated that, under the current understanding, cryptocurrency cannot be considered a valid form of payment under Islamic law. The decision sparked discussions among investors, businesses, and policymakers.
According to the regulator, not every digital asset works the same way. Some tokens are backed by real assets such as gold, while fully reserved stablecoins represent a claim on tangible value. On the other hand, many cryptocurrencies are mainly driven by market speculation and price movements.
Pakistan is also working on licensing crypto exchanges, promoting stablecoins, and exploring the tokenization of real-world assets. The government believes these initiatives can support innovation while keeping the financial system properly regulated.
If Islamic scholars provide separate guidance for different categories of digital assets, it could increase confidence among banks, investors, and the public. It may also help Pakistan become a leader in Shariah-compliant digital finance.
For now, crypto trading activity in the country remains largely unchanged. However, the discussions taking place today could play a significant role in shaping Pakistan's digital finance landscape in the years ahead.
#SICryptoNews #bitcoin #CryptoPakistan $BTC
$XRP
$LINK