Crypto is 'haram': Top Pakistani cleric Mufti Taqi Usmani's fatwa triggers sell-off as regulator seeks clarification
Mufti Muhammad Taqi Usmani, a leading Islamic cleric, declared cryptocurrency transactions 'haram,' citing their speculative nature and lack of intrinsic value under Islamic law. This fatwa has triggered a sell-off in crypto markets and prompted Pakistan's regulator, PVARA, to seek clarification on the ruling's implications. The announcement has sparked intense debate among Muslim investors and poses challenges for the Pakistani government's financial strategies.