India plans first tokenized bonds using wholesale CBDC: Report
AI summary by ChartPulse ยท Source: Cointelegraph
Summary
India is set to pilot its first tokenized corporate bonds in September, with REC Limited planning to issue bonds worth under 5 billion Indian rupees using a wholesale central bank digital currency (CBDC) for transactions. The initiative, which involves select investors and requires two digital accounts, aims to enhance bond trading through blockchain technology. The Reserve Bank of India and the Securities and Exchange Board of India are collaborating on this project, with a secondary market for the bonds expected to launch by December.
Key takeaways
- India will pilot tokenized corporate bonds in September using a wholesale CBDC.
- REC Limited will issue bonds valued at approximately $57 million for select investors.
- A new electronic wallet, DEMAT 2.0, will facilitate the recording of bond holdings on a blockchain.
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