Islamabad: Pakistan is exploring the potential tokenisation of sovereign debt instruments and digital transformation of investment channels, following a high-level meeting between the Finance Ministry and the newly established Pakistan Virtual Assets Regulatory Authority (Pakistan Virtual Assets Regulatory Authority).
The discussions were held between Finance Minister Senator Muhammad Aurangzeb, Minister of State and PVARA Chairman Bilal Bin Saqib, and Advisor on Debt Management Omer Khan, focusing on the use of blockchain-based infrastructure to modernise capital markets and broaden investor access.
A key part of the meeting centred on the possible tokenisation of sovereign debt instruments, including the Naya Pakistan Certificates, as part of efforts to expand digital investment rails for both domestic and overseas investors.
Officials reviewed international models for sovereign debt tokenisation, including structures where bonds are issued on regulated blockchain platforms with same-day settlement and integrated into existing global clearing systems.
Under this approach, conventional processes for coupon payments, secondary trading, and repayments would remain intact while improving digital efficiency and accessibility.
The proposal also included expanding the reach of Naya Pakistan Certificates to enable wider retail participation, particularly for overseas Pakistanis, building on the success of the Roshan Digital Account, which has attracted around US$13 billion in inflows since 2020.
The meeting further discussed how blockchain-based financial infrastructure could enhance Pakistan’s access to global capital markets through digitally native investment products.
Finance Minister Aurangzeb said Pakistan remains committed to exploring emerging financial technologies that can strengthen investor participation and modernise the country’s capital markets.
Bilal Bin Saqib said tokenisation represents a strategic opportunity to integrate Pakistan into next-generation financial systems built on programmable and real-time settlement infrastructure.
It was agreed that PVARA, the Finance Ministry, and the State Bank of Pakistan will continue technical coordination on regulatory frameworks, implementation pathways, and potential pilot projects for sovereign asset tokenisation.
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