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Pakistan’s Virtual Assets Regulatory Authority (PVARA), led by Bilal bin Saqib, has reached out for discussions following a significant ruling by Mufti Muhammad Taqi Usmani, a prominent Islamic scholar. Usmani issued a fatwa declaring cryptocurrency usage and payments as haram, or forbidden, under Shariah law, asserting that digital assets like Bitcoin and Ethereum do not qualify as maal or wealth. This decision could impact approximately 40 million Pakistanis currently using digital assets through informal channels, despite the ruling not being legally binding. The fatwa comes amid Pakistan’s efforts to regulate the crypto sector through the Virtual Assets Act 2026, raising potential tensions between religious beliefs and state regulatory ambitions.
The announcement has introduced uncertainty in the market, particularly affecting Bitcoin’s price expectations. Current market data shows a decline in confidence for Bitcoin remaining above key price thresholds by July 14, 2026. Notably, the probability of Bitcoin being above $62,000 has fallen from 92% to 86%, suggesting apprehension among market participants. The broader implications of aligning crypto regulations with Shariah principles could shape future market dynamics in the region.
