Finance Minister Muhammad Aurangzeb held discussions with Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib on the possible tokenization of sovereign bonds and Naya Pakistan Certificates as part of efforts to modernize Pakistan’s financial infrastructure.
The meeting focused on exploring how blockchain technology could be used for sovereign debt instruments, improve investor participation, and connect Pakistan’s capital markets with emerging digital financial systems.
Officials discussed potential structures, implementation pathways, regulatory considerations, and international models for issuing tokenized sovereign instruments within Pakistan’s evolving financial ecosystem.
According to the Finance Ministry, discussions centered around globally used “Digitally Native Note” models in which sovereign bonds are created on regulated blockchain platforms while remaining compatible with traditional international clearing and settlement systems already used for Pakistan’s Eurobond program.
The meeting also reviewed proposals for tokenizing Naya Pakistan Certificates to improve accessibility for overseas Pakistanis and global retail investors through digital investment channels.
Officials noted that Roshan Digital Accounts have attracted nearly $13 billion in cumulative inflows since 2020, with most of the funds deployed within Pakistan’s economy.
The government said the proposed digital distribution framework aims to broaden investor participation while maintaining full regulatory oversight.
Aurangzeb stated that Pakistan remains committed to exploring forward looking financial technologies that can deepen investor participation, strengthen accessibility, and support modernization of capital markets.
Bilal Bin Saqib said tokenization could help Pakistan raise capital more efficiently while making sovereign investment products more accessible to overseas Pakistanis and international investors.
The Finance Ministry, PVARA, and State Bank of Pakistan agreed to continue coordination on governance, regulatory frameworks, international benchmarking, and pilot structures related to sovereign asset tokenization initiatives.
