Pakistan's plans to promote cryptocurrency have suffered a setback after renowned Islamic scholar Mufti Muhammad Taqi Usmani declared cryptocurrencies, including Bitcoin and Ethereum, "haram" under Islamic law. The non-binding fatwa prompted selling by some religious investors, although it has not altered Pakistan's legal framework or caused a widespread global cryptocurrency market decline.
Pakistan's efforts to position itself as a hub for digital assets have encountered a major challenge after one of the country's most influential Islamic scholars declared cryptocurrency trading "haram" (forbidden) under Islamic law.
Fatwa against cryptocurrency
Mufti Muhammad Taqi Usmani, a globally respected authority on Islamic finance, issued a non-binding fatwa stating that cryptocurrencies such as Bitcoin, Ethereum and stablecoins fail to meet the requirements of legitimate wealth under Sharia. According to the ruling, digital assets involve excessive uncertainty (), speculative behaviour and gambling-like elements (), making them impermissible for trading and investment.
A fatwa is a religious opinion issued by a qualified Islamic scholar rather than a legally enforceable order. While it does not change Pakistan's laws, Mufti Usmani's influence means his views carry significant weight among Muslim investors, particularly in Pakistan and other Muslim-majority nations.
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