Islamabad: The Minister of State for Digital Assets and Chairman of Pakistan’s Virtual Assets Regulatory Authority, Bilal bin Saqib, stated that he has consulted with the Grand Mufti of Pakistan regarding digital assets.
During a press conference, Bilal bin Saqib announced that a Sharia Advisory Council on digital and virtual assets is being established and that he will seek its guidance regarding transactions involving such assets. He added that the Grand Mufti of Pakistan is currently reviewing the matter to guide transactions involving digital and virtual assets.
The Minister of State stated that the use of digital remittances would reduce remittance costs for Pakistanis by 1%. The current cost of digital remittances stands at 6.5%, and this figure will be reduced by 1%. Bilal bin Saqib noted that $410 million could be saved by reducing the cost of digital remittances.
He affirmed that Pakistan’s Virtual Assets Regulatory Authority has demonstrated exceptional performance over the past six months and that the country has the capacity to accommodate 40 million digital asset users.
It is worth noting here that such Muftis once declared picturing “Harram” and many couples were separated just because of such a fatwa, but now every Mufti and Molvi is capturing pictures and making reels for TikTok.
So the nation needs to keep an eye on the new fatwa on Digital assets.
