India plans first tokenized bonds using wholesale CBDC: Report
India is reportedly preparing to launch its first tokenized corporate bonds in September through a pilot that uses blockchain-based settlement with a central bank digital currency. REC Limited, a state-controlled power infrastructure finance firm, plans to issue under 5 billion rupees ($57 million) of these bonds. The offering will initially be limited to selected investors and may be announced at a fintech event in Mumbai. Investors would need a wholesale CBDC wallet and a new electronic securities wallet. Indian depositories are building the DEMAT 2.0 wallet to track bond ownership on distributed ledger technology. The Reserve Bank of India and SEBI are working on the initiative, and a secondary market is expected to develop by December after an initial three-month lockup.
