Pakistan Prepares Framework for Digital Prize Bonds to Meet FATF Standards

Pakistan is gearing up to launch digital prize bonds as part of its efforts to comply with the Financial Action Task Force (FATF) requirements. Sources told ProPakistani the National Savings Directorate has finalized the framework for modern digital prize bonds, marking a significant step toward digitizing the country’s financial instruments. The initiative was recently presented to the International Monetary Fund (IMF) delegation, highlighting Pakistan’s commitment to modernizing its financial systems. The National Savings Directorate has also developed a mobile application to facilitate the use of digital prize bonds, which will be accessible to existing National Savings account holders. Investment in digital prize bonds is projected to range between Rs. 800 and Rs. 1,000 billion, with denominations of 500, 1000, 5000, and Rs. 10,000 expected to be issued. The rules governing the digital prize bonds have already been submitted to the Cabinet Committee on Legislative Cases for approval. The proposed legislation aims to make digital prize bonds a secure and reliable investment option. The framework includes measures to prevent forgery and theft, ensuring the safety of investors’ funds.