Bilal Bin Saqib and Mufti Taqi Usmani hold important consultations on digital assets

Islamabad: Pakistan Virtual Assets Regulatory Authority (PVARA) chairman Bilal bin Saqib has termed his meeting with renowned Islamic scholar Mufti Taqi Usmani as a significant development for the future digital economy and said that combining Sharia guidance and technical expertise in policymaking related to new financial technologies is the need of the hour.

In his statement on the social networking platform X, Bilal bin Saqib said that during the meeting, there was complete agreement that protecting the public in Pakistan from financial fraud, opaque investments and digital scams is the shared responsibility of every institution. According to him, only a safe and reliable regulatory system can instil confidence in the digital financial sector.

He said that it would not be appropriate to examine blockchain, digital assets, stablecoins, tokenisation and other emerging technologies within a single legal or Shariah framework, as the methodology, use, risks and economic impacts of each technology are different from each other. Therefore, a separate, detailed and impartial review of each sector is necessary to provide accurate guidance.

According to Bilal Bin Saqib, the digital finance sector is changing rapidly around the world, due to which it is imperative to keep policymaking in line with continuous research, consultation and new experiences. He said that Pakistan needs a regulatory strategy that, on the one hand, encourages modern technology and, on the other hand, maintains full compliance with Islamic financial principles.

He also emphasised that a constant dialogue should continue between scholars, regulatory bodies, economists, legal experts and representatives of the technology industry so that future policies are comprehensive, balanced and in line with ground realities. According to him, collective consultation can form the basis for legislation that increases investor confidence and leads Pakistan towards a responsible digital economy.

Economic analysts say that the regulatory framework related to virtual assets and blockchain technology in Pakistan is rapidly gaining attention. In such a situation, coordinated consultation between religious, legal and technical experts can play a significant role in future legislation, investment climate and financial stability.