Pakistan's Top Mufti Declares Crypto Earnings Haram
Mufti Muhammad Taqi Usmani, president of Wifaq-ul-Madaris Al-Arabia Pakistan and Darul Uloom Karachi, has issued a fatwa declaring cryptocurrency earnings 'haram' under Islamic law. According to the ruling, cryptocurrencies do not meet the Islamic definition of property or lawful wealth.
The Mufti stated that research and expert opinions suggest that cryptocurrency is nothing more than the recording of virtual numbers in digital accounts, rather than true wealth. This means that buying, selling, and trading cryptocurrencies are not permissible under Islamic law.
The ruling applies to all types of cryptocurrencies, including USDT (Tether) and other crypto tokens. The Mufti also stated that digital assets marketed as 'virtual currencies', 'tokens', or 'stablecoins' fall under the same category and are subject to the same Islamic ruling.