KARACHI (Kashmir English): Renowned Islamic scholar Muhammad Taqi Usmani has issued a fatwa, a religious ruling, stating that cryptocurrency is not considered property under the current understanding of Islamic jurisprudence.
President of the Federation of Arab Schools and Darul Uloom Karachi Mufti Taqi, in his fatwa, stated that based on the research and expert opinions available so far, cryptocurrency does not constitute tangible property but is instead “the entry of fictitious numbers in an account.”
He further said that, whether in the form of USDT or other crypto tokens, transactions involving the purchase of goods through cryptocurrency are not permissible under his interpretation of Islamic principles.
The authenticity of the fatwa was confirmed by Hassan Usmani, who stated that the ruling being circulated on social media and other platforms was indeed issued by Mufti Taqi Usmani.
