Crypto▲ Bullish
India to Launch Tokenized Corporate Bonds via REC Pilot
REC Ltd will issue tokenized bonds under 5 billion rupees, settled in digital rupee, with a three-month holding lock and secondary trading venue by year-end. Pilot restricted to selected investors.
Continue with
India will launch its first tokenized corporate bonds in September, according to multiple sources familiar with the plans. The pilot, led by state-owned REC Ltd, will issue bonds worth under 5 billion rupees (about $57 million).
The bonds will be recorded on a distributed ledger, allowing near-instant settlement. Purchases will use India's central bank digital currency, the digital rupee. Access during the initial phase will be restricted to a selected group of investors, whose identities have not been disclosed.
To participate, investors need two separate digital accounts: a wholesale CBDC wallet issued through a banking partner, and a new electronic securities wallet called DEMAT 2.0, being built by Indian depositories. Future transactions will be limited to parties holding compatible versions of both wallets.