An Islamic cleric in Pakistan has issued a fatwa declaring cryptocurrency trading haram (forbidden) under Sharia law. Mufti Muhammad Taqi Usmani last week said trading in cryptocurrencies, including stablecoins, is not permissible under Sharia, arguing that such assets do not meet the Islamic definition of wealth or property.
Usmani said terms such as cryptocurrency, virtual currency, token and stablecoin all refer to the same category of digital assets, adding that changing the terminology does not alter their religious status under Sharia law.
