ISLAMABAD (The Thursday Times) — Pakistan is considering tokenising its existing Eurobond debt and will seek cabinet approval before issuing a request for proposals, Finance Minister Muhammad Aurangzeb said on Monday.
Aurangzeb disclosed the plan at a dialogue on digital assets and the future of banking, organised by the Pakistan Banks’ Association with the Lahore University of Management Sciences. He said talks on the idea were under way.
Tokenisation generally means recording ownership of an asset on a digital ledger. The aim is to explore its use in managing sovereign debt, which could open new avenues for digital transactions and investment.
The minister urged banks to develop practical proposals of their own and to build the expertise to assess these technologies, working with regulators within their mandates. Pakistan now has a legal framework for the sector under the Virtual Assets Act 2026, with the Pakistan Virtual Assets Regulatory Authority licensing service providers. The State Bank has given banks a conditional route to serve licensed businesses, but they still cannot invest in, trade or hold virtual assets using their own funds or customer deposits.
Aurangzeb said innovation had to come with safeguards, oversight and cybersecurity. “We are under attack 24/7 by state and non-state actors,” he said, adding that there was no room for complacency.
