Dawn
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02:12 May 19, 2026
ISLAMABAD: Pakistan is likely to link its Naya Pakistan Certificates (NPCs) and sovereign bonds to a regulated blockchain via Digitally Native Notes (DNNs) to enable swift settlement for retail investors, particularly overseas Pakistanis. A meeting, presided over by Finance Minister Muhammad Aurangzeb with the State Bank of Pakistan (SBP) and the newly created Pakistan Virtual Assets Regulatory Authority (PVARA) on Monday, discussed the tokenisation of sovereign debt instruments and NPCs. It examined potential structures, implementation pathways, regulatory considerations, and next steps for exploring tokenised sovereign instruments within Pakistan’s evolving financial ecosystem. A central element of the discussion was the international precedent for sovereign and quasi-sovereign debt tokenisation and how Pakistan can adopt a structure aligned with established global market infrastructure. “It was agreed that PVARA, Ministry of Finance and SBP will continue to coordinate on the design, governance, and phased ...