President of Wifaq-ul-Madaris Al-Arabia Pakistan and Darul Uloom Karachi, Mufti Muhammad Taqi Usmani, has issued a fatwa declaring cryptocurrency transactions impermissible under Islamic law.
According to the ruling, Mufti Taqi Usmani said that, based on the research and expert opinions available so far, cryptocurrency cannot be regarded as “wealth” in the Shariah sense and instead represents only numerical entries recorded in digital accounts.
He said buying and selling goods or conducting financial transactions through cryptocurrency is therefore not permissible, irrespective of whether it involves stablecoins such as USDT or other forms of crypto tokens.
The authenticity of the fatwa was confirmed by Mufti Taqi Usmani’s son, Hassan Usmani, who said the ruling circulating on social media had been issued by his father.