Pakistan reviews Eurobond tokenisation, awaits cabinet approval

Pakistan is reviewing the possibility of tokenising its existing Eurobond debt, with cabinet approval required before the government invites proposals, Finance Minister Muhammad Aurangzeb said on 2 November 2026. He made the remarks during a Pakistan Banks Association dialogue on digital assets and the future of banking.

The government is also considering tokenisation for remittances and Roshan Digital Accounts. Pakistan received $41.6 billion in remittances in the previous fiscal year, Aurangzeb said, while first-quarter inflows in the current fiscal year indicated the total could exceed $44 billion.

Aurangzeb said digital assets should be assessed for their ability to lower the cost of doing business and bring more people into the formal economy, while protecting financial stability. He cited lower-cost transfers from abroad, faster business payments and access to financing on reasonable terms as outcomes to consider.

The Virtual Assets Act 2026 established a statutory framework under which the Pakistan Virtual Assets Regulatory Authority licenses and supervises virtual asset service providers. Aurangzeb said the State Bank of Pakistan had opened a conditional route to banking services for licensed businesses, subject to due diligence and segregation of client funds. Restrictions on banks investing, trading or holding virtual assets with their own funds or customer deposits remain in place.