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Pakistan plans to issue digital prize bonds in order to meet the standards set by the Financial Action Task Force (FATF).
In a significant step towards digitizing financial instruments, authorities have reportedly finalized the framework for modern digital prize bonds.
This project showcases Pakistan’s dedication to updating its financial systems and was recently presented to an IMF delegation. For the convenience of current National Savings account holders, the National Savings Directorate has also created a mobile app that allows users to purchase digital prize bonds.
Digital prize bonds are going to be issued in denominations of 500, 1000, 5000, and 10,000 and are likely to attract investments ranging from 800 million to 1,000 billion rupees. To get permission from the Cabinet Committee on Legislative Cases, the rules for the digital prize bonds have already been sent.
To ensure that digital prize bonds are a trustworthy investment option, new laws are being considered. To protect investors’ money, the framework has measures against forgery and theft.
