Overview
- A fatwa dated June 10, 2026 and circulated publicly in early July declared that cryptocurrencies, blockchain tokens and stablecoins do not qualify as maal (property) in Shariah and so purchases made with them are not religiously valid.
- The ruling explicitly names stablecoins such as USDT and orders buyers to return goods bought with crypto and to delete or not benefit from digital courses acquired that way.
- PVARA chairman Bilal bin Saqib met Mufti Taqi Usmani on Saturday, July 11, and described the discussion as constructive while urging that blockchain, stablecoins and tokenised assets undergo careful technical assessment alongside Shariah review.
- The fatwa is a religious opinion not civil law but it has been authenticated by Mufti Usmani’s son and endorsed by other scholars, making it likely to influence behaviour among Pakistan’s large crypto‑using population.
- Pakistan’s push to regulate digital assets continues under PVARA and the Virtual Assets Act 2026, and the new exchange between regulators and senior clerics will shape licensing, bank access and consumer guidance going forward.