Govt plans Shariah board for digital assets

The federal government has decided to establish a Shariah advisory board on digital and virtual assets to provide guidance on transactions involving such assets, Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal bin Saqib said on Thursday. Speaking to journalists, Saqib said the government had taken the grand mufti of Pakistan into confidence on matters relating to digital assets and was seeking his guidance on transactions involving them. "We are establishing a Shariah advisory board on digital and virtual assets," he said, adding that guidance from the board would be sought on transactions involving digital and virtual assets. Saqib said the current cost of digital remittances stood at around 6.5 per cent, which could be reduced by one percentage point through digital remittance channels. He said the reduction in remittance costs could result in savings of around $410 million for the country. The PVARA chairman noted that the authority had demonstrated strong performance during its first six months.