Tokenisation is moving into financial infrastructure: The hard part is making it accountable
By Manhar Garegrat, Country Head – India, Liminal Custody
India is approaching its first tokenised corporate bond, and the timing is interesting. By the time REC issues its expected pilot of under ₹500 crore in September, using wholesale CBDC for payment and a new digital securities wallet to hold the securities, the question of whether a financial asset can be placed on a blockchain will have been largely settled elsewhere. BlackRock, JPMorgan and DTCC have already answered it, at scale, in production environments, with real institutional capital behind them. What none of them have fully resolved, and what India would be wise to think carefully about before its own market grows beyond the pilot stage, is what needs to sit around the token once real money, real investors and genuine regulatory obligations are involved.
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