India to Launch First Tokenized Corporate Bonds in September

India is preparing to launch its first tokenized corporate bonds in September, a pilot project that will test the use of blockchain technology for instant settlement of bond transactions using the country's central bank digital currency. The initiative, led by state-owned power financier REC Limited, marks a significant step in integrating distributed ledger technology into the nation's mainstream financial infrastructure. According to three sources with direct knowledge of the matter, REC will issue tokenized bonds worth less than 5 billion Indian rupees, approximately $57 million. The offering is expected to be unveiled at an annual financial technology event in Mumbai in September.