Debate over cryptocurrency has intensified after former Pakistani TV host and a crypto king Waqar Zaka has raised questions about the verdict by Mufti Taqi Usmani about cryptocurrency trading. Waqar Zaka asked Islamic scholar Taqi Usmani to reveal the names of experts he consulted before declaring digital currencies impermissible under Islamic law.
The remarks of Zakat renewed discussion about the religious status of crypto trading in Pakistan. Waqar Zaka has migrated to the United Kingdom and doing a full-fledged business of cryptocurrencies. He is also giving tips to his followers about possible positive moves in the crypto trading to benefit his followers.
Meanwhile, a day earlier, Chairman of Pakistan Virtual Assets Regulatory Authority (PVARA) Bilal bin Saqib also held a meeting with Mufti Taqi Usmani and urged him to make assessment about the virtual assets.
Call for Expert Disclosure
In a video shared on social media, Zaka expressed respect for Mufti Usmani and rejected any suggestion of disrespect or sarcasm. However, he insisted that scholars should disclose the specialists they consulted before issuing their rulings.
Zaka asked Mufti Usmani to publish the names of crypto experts contacted through email, WhatsApp, office meetings, or online discussions. He questioned why he was not approached despite receiving the title of “crypto king” from the Government of Pakistan in 2019. He also claimed several other cryptocurrency specialists told him they had never been contacted during the consultation process.
Questions Over the Fatwa Process
Furthermore, Zaka argued that fatwas often depend on how people present their questions. According to him, many people seeking guidance lack technical knowledge about cryptocurrency. As a result, they focus on topics such as futures trading, leverage, and funding rates, which usually receive negative religious opinions.
He clarified that he was not blaming any religious scholar. Instead, he stressed the need for informed discussions with qualified cryptocurrency professionals before issuing decisions.
Zaka suggested that scholars may rely heavily on advice from traditional banking institutions. He alleged that banks worldwide oppose cryptocurrencies because digital assets could challenge their existing financial business models.
