Finance Minister Muhammad Aurangzeb said on Monday, 2 November 2026, that the government is reviewing the possibility of tokenising Pakistan’s existing Eurobond debt, and is seeking Cabinet approval before issuing a request for proposals (RFP). The proposal is under discussion — it is not yet an approved decision, and no token has been issued.
Aurangzeb spoke virtually at the “Dialogue on Digital Assets and the Future of Banking”, organised by the Pakistan Banks’ Association (PBA) in collaboration with LUMS.
He said: “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.”
He also identified remittances as another potential tokenisation use case, noting Pakistan received $41.6 billion in remittances in the previous fiscal year, while first-quarter trends in the current fiscal year suggested inflows could exceed $44 billion.
He said Pakistan has established a statutory framework through the Virtual Assets Act 2026, under which the Pakistan Virtual Assets Regulatory Authority (PVARA) licenses and supervises virtual asset service providers.
Context: Eurobonds are government debt securities issued in foreign currencies, usually US dollars. Reporting notes Pakistan raised $3 billion through a dual-tranche Eurobond issue in September 2026, and had previously signed an agreement with Binance in December 2025 to explore tokenising up to $2 billion in government assets.
Sources: The Express Tribune, “FinMin says government mulls tokenising existing Eurobond debt”, 2 November 2026; Business Recorder, “Pakistan explores tokenisation of existing Eurobond debt, says Aurangzeb”, 2 November 2026; 24NewsHD, “Pakistan reviewing tokenization of its Eurobond debt: Minister”, 2 November 2026; Pakistan Observer, “Pakistan eyes blockchain-based tokenisation of Eurobonds”, 2 November 2026; APP via UrduPoint, 2 November 2026.
Note: This image is an AI-generated illustration and is not a photo of the actual event.