Finance Minister Muhammad Aurangzeb has held discussions with Pakistan Virtual Assets Regulatory Authority (PVARA) Chairman Bilal Bin Saqib on exploring the tokenization of sovereign bonds and Naya Pakistan Certificates, marking a potential shift toward blockchain-based government debt instruments.

The meeting focused on using distributed ledger technology to modernize Pakistan’s debt issuance framework, enhance investor access, and integrate domestic capital markets with emerging global digital finance systems.

Officials reviewed possible models for issuing “digitally native” sovereign instruments, where government bonds are recorded and traded on regulated blockchain platforms while remaining compatible with existing international clearing systems used in Pakistan’s Eurobond program.

The discussion also included proposals to tokenize Naya Pakistan Certificates, aiming to make them more accessible for overseas Pakistanis and global retail investors through digital investment channels.

According to the Finance Ministry, the initiative builds on the success of Roshan Digital Accounts, which have attracted nearly $13 billion in inflows since 2020.

Authorities said the proposed framework would expand investor participation while maintaining regulatory oversight and financial system stability.

Aurangzeb said Pakistan is actively exploring emerging financial technologies to improve market access, deepen capital formation, and modernize the country’s financial infrastructure.

Bilal Bin Saqib noted that tokenization could improve capital-raising efficiency and broaden access to sovereign investment products for both domestic and international investors.

The Finance Ministry, PVARA, and the State Bank of Pakistan agreed to continue coordination on regulatory design, governance frameworks, and pilot projects for potential implementation of tokenized sovereign assets.