Pakistan has begun exploring sovereign debt tokenisation and blockchain-based Naya Pakistan Certificates as part of a plan to modernise capital markets, the Ministry of Finance said.
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb discussed the proposal with Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib and debt management adviser Omer Khan, according to the ministry.
The talks focused on issuing sovereign bonds through regulated digital market infrastructure. Business Recorder reported that the model could allow a bond to be issued on a regulated blockchain platform before linking to existing international clearing and settlement systems.
Officials also discussed tokenising Naya Pakistan Certificates, an investment product aimed at overseas Pakistanis. The ministry said the move could improve access and expand retail participation through digital channels.
Participants cited the Roshan Digital Account programme as a related digital finance channel. The programme has attracted nearly $13 billion in inflows since its 2020 launch, according to officials cited in the source statement.
Aurangzeb said Pakistan would keep exploring financial technologies that support economic modernisation, deepen investor participation and improve access to finance. Saqib said digital financial infrastructure represented the “financial architecture of the future.”
The Ministry of Finance, PVARA and the State Bank of Pakistan agreed to continue work on design, governance and phased development. Officials said further announcements would follow after technical discussions and required approvals
