India plans to launch a pilot for tokenized corporate bonds in September, with state-owned REC Limited issuing less than 5 billion Indian rupees ($57 million) in tokenized bonds. Transactions will be settled using the Reserve Bank of India’s wholesale CBDC, with investors required to hold both a wholesale CBDC wallet provided by a bank and a new electronic securities wallet called DEMAT 2.0 based on distributed ledger technology. The initial lockup period is set at three months and a secondary market is expected to be developed by Indian exchanges by December.
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