The Ministry of Finance of Pakistan noted that despite the high level of acceptance of digital assets and their popularity among investors, traditional values ​​and requirements for compliance with Sharia became the main challenges for the full integration of cryptocurrencies into the national financial system.

The Ministry of Finance of Pakistan said that the regulator does not refuse to develop the crypto industry, but seeks to integrate it into the country’s economy responsibly, without violating religious and cultural values.

The main problem is the need to develop cryptocurrency products corresponding to the principles of Islamic financing, which prohibit interest, excessive uncertainty and any speculative operations.

The head of the Pakistani cryptocurrency council (PCC) Bilal Bin Sakib added that many existing cryptocurrencies and blockchain platforms do not meet these requirements, which makes them unacceptable for a significant part of the Pakistani market, oriented to the Sharia.

“We strive to create a digital financial ecosystem, but compliance with Sharia remains a priority. This is not just a formality, but a fundamental value for millions of our citizens, ”the head of the RCC emphasized.

In particular, Bankislami, one of the leading Islamic financial institutions of Pakistan, was faced with difficulties when trying to integrate cryptocurrencies into their services. As indicated in the report, the bank cannot offer cryptoproods without guarantees for their compliance with Sharia, which requires complex legal and religious certification.

Earlier, the ISLAMIC Coin and Republic Crypto Crypt projects have concluded a partnership agreement to create an advisory group responsible for the development and promotion of digital assets corresponding to the Sharia.