Woofun AI reports that Bilal bin Saqib, Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), has asked Jamia Darul Uloom Karachi to clarify the distinction between speculative cryptocurrencies and asset-backed digital tokens. This request follows a ruling by the religious institution stating that cryptocurrency-based purchases are not compliant with Islamic law, specifically regarding payments for books and online course fees.

Saqib stated that PVARA is collaborating with scholars to evaluate digital assets by category rather than treating them as a single class. He noted that blockchain-recorded Sukuk represent ownership of real income-generating assets, while gold-backed tokens and fully-reserved stablecoins correspond to redeemable value. Speculative tokens without underlying assets fall into a different category, and PVARA will continue working with scholars while developing a licensing framework and advancing stablecoin and real-world asset tokenization efforts.