India’s virtual digital asset opportunity is really an infrastructure opportunity
India’s virtual digital asset industry is still discussed as a market of users, volumes and prices. The quieter change this year is operational. Participation is being asked to show the systems underneath it, and the clearest proof came from the bond market, not from a trading screen.
In September, SEBI and the Reserve Bank of India put three tokenised corporate bonds on a permissioned ledger and settled them against wholesale e-rupee. REC, L&T and IIFL raised ₹1,025 crore between them, issued as native digital tokens on a ledger run by India’s statutory depositories, NSDL and CDSL, with the funds leg settled through the RBI’s Unified Market Interface. The bonds kept their ISIN, coupon, rating and investor rights. What changed was the settlement, atomic delivery-versus-payment, where the securities leg and the cash leg move at the same moment instead of across separate systems with a reconciliation gap. The asset attracted the...
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