Finance ministry reviews blockchain-based framework for digital sovereign bonds and investor access expansion
Pakistan has begun reviewing the potential tokenization of sovereign debt instruments as part of efforts to modernize capital markets and expand investor participation, according to an official statement on Monday.
The discussion was held during a meeting between Finance Minister Muhammad Aurangzeb, Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority Bilal Bin Saqib, and debt management adviser Omer Khan.
Blockchain-based sovereign debt model under review
Officials discussed potential structures for issuing digitally native sovereign bonds using blockchain infrastructure, including same-day settlement mechanisms and integration with existing international clearing systems.
The proposed model would allow sovereign debt instruments to be issued on regulated digital platforms while still remaining compatible with traditional global investor networks, including Pakistan’s Eurobond framework.
Expansion of retail and overseas investor access
The meeting also reviewed the potential tokenization of Naya Pakistan Certificates, aimed at increasing accessibility for retail investors and overseas Pakistanis.
Participants noted that the country’s Roshan Digital Account initiative has attracted nearly $13 billion in inflows since 2020, highlighting growing interest from diaspora investors.
Regulatory and institutional coordination
Officials emphasized the need for phased development, regulatory oversight and alignment with global financial standards before any pilot implementation.
It was agreed that the Finance Ministry, the State Bank of Pakistan, and PVARA will continue technical coordination on governance frameworks, international benchmarking and feasibility studies.
Strategic push toward digital finance
Authorities described the initiative as part of broader efforts to strengthen financial innovation, deepen capital markets and integrate Pakistan into emerging digital financial infrastructure.
No timeline has been announced for issuance of tokenized sovereign instruments, with officials stating that further updates will follow after regulatory approvals and technical assessments.