Mufti Taqi Usmani issues fatwa against cryptocurrency transactions

KARACHI: Mufti Muhammad Taqi Usmani, president of Wifaq ul Madaris Al-Arabia Pakistan and Darul Uloom Karachi, has issued a religious ruling declaring that the use of cryptocurrency for purchases is not permissible under Islamic law.

According to the fatwa, Mufti Usmani said that based on the research and opinions of experts available so far, cryptocurrency does not qualify as “mal” (property or wealth) in Islamic jurisprudence but is merely a record of virtual numbers in an account.

He said purchasing goods through cryptocurrency is not permissible, whether using USDT or any other crypto token.

The authenticity of the fatwa was confirmed by Mufti Usmani’s son, Hassan Usmani, who said the ruling circulating publicly was indeed issued by his father.