Karachi: Pakistan is exploring the issuance of Naya Pakistan Certificates (NPCs) and sovereign bonds through regulated blockchain infrastructure as part of efforts to modernise its capital markets and expand access for global and overseas Pakistani investors.
The proposal was discussed during a meeting chaired by Finance Minister Muhammad Aurangzeb and attended by representatives of the State Bank of Pakistan (SBP) and the Pakistan Virtual Assets Regulatory Authority (PVARA). The session focused on the tokenisation of sovereign debt instruments and NPCs, including potential structures, implementation pathways, regulatory considerations, and future development plans.
According to the Ministry of Finance, the model under consideration involves issuing sovereign bonds as Digitally Native Notes (DNNs) on a regulated blockchain platform. Under this structure, bonds would be created digitally at issuance and settled on the same day before integrating with conventional international clearing and settlement systems used for Pakistan’s existing Eurobond programme.
The government is also considering the tokenisation of NPCs to improve accessibility for overseas Pakistanis and facilitate more seamless digital investment channels connected to global markets.
Officials noted that the proposed framework would maintain compatibility with existing financial infrastructure, allowing coupon payments, secondary trading, and final repayments to continue through established international systems.
The meeting reviewed international precedents, including initiatives by the Asian Infrastructure Investment Bank and financial centres in Hong Kong and the Middle East, where DNNs are being used to modernise markets and reduce settlement risks.
Participants were informed that the Roshan Digital Account (RDA) initiative has attracted nearly USD 13 billion in cumulative inflows since its launch in 2020, with most of the capital deployed within Pakistan’s economy. The proposed digital distribution model is intended to broaden participation among eligible global investors under full regulatory oversight.
The Ministry of Finance said technical discussions and coordination between the ministry, SBP, and PVARA will continue on governance frameworks, regulatory requirements, international benchmarking, and potential pilot projects before any formal implementation decisions are taken.
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