ISLAMABAD – Minister of State for Digital Assets and Chairman of the Pakistan Virtual Asset Regulatory Authority (PVARA) Bilal bin Saqib has said that Pakistan has taken the Grand Mufti of Pakistan into confidence on matters relating to digital assets.
Speaking at a news conference, Bilal said the government was establishing a Shariah Advisory Board for digital and virtual assets.
He said the board would provide guidance on transactions involving digital and virtual assets, adding that consultations were also being held with the Grand Mufti of Pakistan on the Shariah aspects of such transactions.
The minister said the government was seeking religious guidance to ensure that transactions involving digital and virtual assets were carried out in accordance with Islamic principles.
Digital remittances to reduce costs
Bilal bin Saqib said the introduction of digital remittances could reduce the cost of sending remittances to Pakistan by one percentage point.
He said the current cost of digital remittances stood at around 6.5%, which the government aimed to reduce by 1%.
According to the minister, lowering remittance costs through digital channels could result in savings of around $410 million.
He said cheaper and more efficient digital remittance channels would benefit overseas Pakistanis while potentially increasing the amount of money reaching the country.
Pakistan has capacity for 40 million digital asset users
The minister also claimed that the Pakistan Virtual Asset Regulatory Authority had demonstrated “exceptionally strong performance” during its first six months.
He said Pakistan had the capacity to accommodate around 40 million users of digital assets.
Bilal said the government was working to develop a regulated framework for digital and virtual assets while also seeking Shariah guidance and promoting greater efficiency in digital financial transactions.
Web Desk
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