Finance Minister Muhammad Aurangzeb said on Monday that Pakistan is exploring the tokenisation of its existing Eurobond debt, and that the government wants Cabinet approval before it moves to issue a request for proposals (RFP).
He was speaking at the “Dialogue on Digital Assets and the Future of Banking”, organised by the Pakistan Banks’ Association (PBA) with the Lahore University of Management Sciences (LUMS). The Ministry of Finance and the government are in discussions on the idea, he said, and are looking to the Cabinet before any RFP is issued.
What the minister said about Eurobond tokenisation
“We are reviewing at this point from the Ministry of Finance and Government of Pakistan, is tokenization of our existing Eurobond debt. We are in discussions at this point, and we are looking forward to the Cabinet approval on this, before we move ahead with issuing the RFP on this front,” Aurangzeb said.
Eurobonds are foreign-currency bonds a country sells to international investors. The minister framed the work as an effort to use tokenisation in managing sovereign debt, and said it could open new avenues for digital financial transactions and investment. He did not announce a launch date, a deal size, or which bonds would be covered first.
Banks, virtual assets rules and the State Bank
Aurangzeb urged banks to put forward practical proposals on digital financial technologies. He said banks bring customer relationships, operational experience and risk management, and should invest in expertise, work with regulators on what their mandates allow, and keep their boards’ support.
Pakistan has put in place a statutory framework for virtual assets under the Virtual Assets Act 2026. The Pakistan Virtual Assets Regulatory Authority (PVARA) licenses and supervises virtual asset service providers.
The State Bank of Pakistan (SBP), the country’s central bank, has given banks a conditional route to serve PVARA-licensed businesses, with due diligence and segregation of client funds. The minister said banks are still not allowed to invest in, trade or hold virtual assets using their own funds or customer deposits.
Safeguards and what comes next
Aurangzeb stressed that digital financial innovation needs safeguards, regulatory oversight and cybersecurity. “We all need to acknowledge that we are under attack 24/7 by state and non-state actors, and therefore there is no room for complacency,” he said.
Next steps, on his account, are continued talks inside government and a Cabinet decision. Only after that would the government issue an RFP. No timeline for Cabinet consideration was given in his remarks.
Aasan alfaaz mein
Pakistan apne purane Eurobond qarz ko digital tareeqe se handle karne ka option dekh raha hai. Finance minister ne kaha ke pehle Cabinet ki ijazat chahiye, phir RFP niklegi. Abhi koi naya bond issue ya rate change announce nahi hua. Aam logon ke bills aur petrol rates is baat se seedha linked nahi bataye gaye.
