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FollowingIndia plans to pilot the issuance of tokenized corporate bonds in September and use central bank digital currency for settlement.
According to relevant reports, India plans to launch the first pilot issuance of tokenized corporate bonds in September this year. The bonds will be traded based on blockchain technology and settled in central bank digital currency (CBDC). This move marks another important exploration by India in the field of digital finance.
Indian state-owned electricity infrastructure finance company REC Limited plans to issue tokenized bonds of no more than 5 billion Indian rupees (approximately 57 million US dollars). The pilot project will initially be open only to specific investor groups and is expected to be officially unveiled at an annual fintech event in Mumbai in September.
The report quoted people familiar with the matter as saying that investors will use the Bank of India digital currency to purchase these tokenized bonds. Participating in the pilot requires opening two digital accounts: a wholesale central bank digital currency wallet provided by a bank and a brand new electronic securities wallet. Currently, India's securities depository is developing a new wallet called "DEMAT 2.0", which will use distributed ledger technology to record bond holdings.
The Central Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) are working together to advance this plan. It is reported that the bonds will have an initial lock-up period of three months, and the exchange is expected to establish a secondary market for tokenized bonds by December this year.
