Chairman, Virtual Assets Control Authority, Pakistan: Stable currency and block chain products subject to technical and sharia assessments

Bilal bin Saqib, Chairman of the Virtual Assets Control Authority of Pakistan, met with Mufti Taqi Usmani, an Islamic scholar, and stated that stabilization currency, monetization of real world assets and other block chain products should be subject to separate technical and sharia assessments and should not be considered the same category. Prior to this, scholars such as Usmani issued a Shariah decision finding that USDT and other encrypted currencies did not belong to the assets recognized by the sharia and that their transactions in the purchase of physical goods or digital services were invalid. Saqib did not indicate that Usmani had changed his position. Pakistan passed the Virtual Assets Act last March, requiring exchanges, trustees and issuers of coins, under the guidance of the Islamic Committee of Financial Scholars, to ensure that their operations are in compliance with sharia law, while at the same time promoting sovereign stability, the monetization of State assets and the licensing of encrypted exchanges。