Trump is increasing Crypto, Pakistan is being labeled ‘Haram’! A big Maulana of the country announced

New Delhi: A big religious controversy has erupted in Pakistan regarding cryptocurrency. A prominent Islamic scholar of the country has issued a fatwa declaring trading of all digital assets including Bitcoin, Ethereum and USDT as illegitimate in Islam. This decision has come at a time when the government itself is busy promoting crypto by regulating it.

What did Darul Uloom Karachi say in the fatwa?    

Mufti Muhammad Taqi Usmani, who is counted among the world’s leading Islamic finance scholars, gave this fatwa. It was issued by Pakistan’s most respected Sunni seminary, Darul Uloom Karachi. The fatwa said that crypto, tokens and stablecoins do not meet the definition of ‘money or property’ in Islamic law.

Therefore their buying and selling is inappropriate under Sharia. The Madrasa also clarified that changing the name will not change the Sharia validity of the crypto. Although the fatwa is not legally binding, it is considered to have a significant impact on the Muslim community in Pakistan and outside.

Government is regulating crypto   

Islamabad is working rapidly on the crypto sector. The government first created the Pakistan Crypto Council, then established the Pakistan Virtual Assets Regulatory Authority PVARA to license virtual asset service providers. It is estimated that more than 20 million Pakistanis are involved in crypto and transactions worth billions of dollars have taken place in the last years.

PVARA Chairman Bilal Bin Saqib has appealed to the seminary to differentiate between speculative crypto and digital assets backed by hard assets. he said "The main question is whether digital assets are money in Shariah. The nature of gold-backed tokens or digital Islamic bonds is entirely different."  

Experts raised questions   

Economist Yusuf Nazar said that this fatwa is based on misunderstanding. Crypto can be exchanged like dollars or gold. Dismissing an entire sector shows a lack of understanding. According to him, remittances coming to Pakistan through crypto can be cheaper and faster.

Financial expert Rashid Masood Alam said that after the regulation of the government, the debate is now "what to use" away from "how to manage" But she has arrived. Zafar Paracha of the Currency Exchange Association warned that this fatwa could have an impact on business in religious societies.

Trump family’s connection with Pakistan  

This issue is also in discussion because on 26 April 2025, Pakistan made a deal with World Liberty Financial WLF. WLF is a decentralized finance company backed by Donald Trump’s sons Eric and Donald Jr. Information Minister Attaullah Tarar and WLF’s Zachary Witkoff were present at the deal. This agreement was reached a few days before the India-Pakistan tension. Now questions are being raised whether the business interests of the Trump family have an impact on geopolitics or not.