Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb today held a meeting with Bilal Bin Saqib, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority (PVARA), and the Advisor on Debt Management to the Finance Minister, Omer Khan, to discuss the tokenization of sovereign debt instruments, and Naya Pakistan Certificates.
The meeting marked one of the first high-level governmental discussions in Pakistan focused specifically on sovereign asset tokenization and the role blockchain infrastructure can play in modernising capital markets, expanding investor access, and enabling Pakistan to participate in the financial infrastructure of the new economy.
Discussions focused on potential structures, implementation pathways, regulatory considerations, and next steps required to explore tokenized sovereign instruments within Pakistan’s evolving financial ecosystem.
A central element of the discussion focused on the international precedent for sovereign and quasi-sovereign debt tokenization, and how Pakistan can adopt a structure aligned with established global market infrastructure. The model under consideration, often referred to as a Digitally Native Note issued through a regulated financial market infrastructure, allows a sovereign bond to be created on a regulated blockchain platform at the moment of issuance, with same-day settlement, before integrating with the conventional international clearing and settlement systems that already serve Pakistan’s existing Eurobond programme. The bond’s coupon payments, secondary trading, and final repayment continue through the established global infrastructure, ensuring full interoperability with the institutional investor base that participates in Pakistan’s conventional sovereign issuances.
The tokenization of Naya Pakistan Certificates to potentially enable broader retail participation, improve accessibility for overseas Pakistanis, and create more seamless digital investment rails connected to global markets was also discussed.
Furthermore, it was highlighted that the Roshan Digital Account has attracted close to USD 13 billion in cumulative inflows from overseas Pakistanis and international investors since its launch in 2020, with the majority of that capital deployed within Pakistan’s economy. It was further noted that the proposed digital distribution agenda is intended to extend this investment channel to a broader base of eligible global investors under full regulatory supervision.
The meeting also explored how blockchain-powered financial infrastructure could help take Pakistan to the world by connecting local financial products and sovereign instruments with a wider international investor base through programmable and digitally native markets.
Finance Minister Senator Muhammad Aurangzeb stated: “Pakistan remains committed to exploring forward-looking financial technologies that can support economic modernization, deepen investor participation, and strengthen financial accessibility. Discussions around tokenized sovereign instruments represent an important exploratory step toward understanding how emerging infrastructure can support the future evolution of Pakistan’s capital markets.”
Speaking following the meeting, Bilal Bin Saqib, Chairman PVARA, stated: “Our discussions around the tokenization of sovereign bonds and Naya Pakistan Certificates are about reimagining how Pakistan raises capital, expands investor participation, and connects its financial markets to the emerging digital economy. Tokenization of these products can make them more accessible to overseas Pakistanis and global retail investors, while enabling more efficient, transparent, and globally connected financial infrastructure for Pakistan.”
It was agreed that PVARA, Ministry of Finance and Sate Bank of Pakistan will continue to coordinate on the design, governance and phased development of the agenda. Further announcements will follow as the work progresses through the appropriate approvals.
Both sides agreed to continue technical discussions and institutional coordination on potential frameworks, international benchmarking, regulatory considerations, and pilot structures related to sovereign asset tokenization initiatives. The engagement reflects Pakistan’s broader push toward modernising financial infrastructure, strengthening digital asset regulation, and positioning the country as an emerging hub for responsible blockchain innovation.
