Islamabad: (RightNow) Pakistan Virtual Asset Regulatory Authority Chairman Bilal Bin Saqib states that Shariah guidance is being sought for digital assets with consultation from the Grand Mufti. He mentions that the Grand Mufti has been involved in digital and virtual asset transactions to ensure trust.

Bilal Bin Saqib informs the media that a Shariah Advisory Board is being established for digital and virtual assets. This board will provide Shariah guidance for transactions. He says the board’s establishment will enable guidance according to Islamic principles.

He further adds that reducing the cost of digital remittances will decrease the remittance cost for Pakistanis by 1%. According to Bilal Bin Saqib, the current cost is 6.5%, and the reduction is expected to save $41 million.

The Chairman of Pakistan Virtual Asset Regulatory Authority states that their authority has shown exceptional performance in 6 months. He also mentions that there is potential for 40 million digital asset users in Pakistan.

It is noteworthy that the government has established the Virtual Asset Regulatory Authority to develop digital assets in Pakistan. The authority aims to make digital asset trading safe and reliable in the country.