India is preparing a September pilot for its first tokenized corporate bonds, according to a Reuters report that cited three people with direct knowledge of the plan. State-controlled REC Limited is expected to issue less than 5 billion Indian rupees, or about $57 million, in tokenized debt as part of the trial. The program would initially be limited to a select group of investors and could be introduced at an annual financial technology event in Mumbai. The report said India’s central bank digital currency would be used to purchase the bonds. Investors would need two digital accounts to take part: a wholesale CBDC wallet provided by a bank and a new electronic securities wallet. Indian securities depositories are developing that wallet under the name DEMAT 2.0, which would record bond holdings on distributed ledger technology. Reuters also reported that the Reserve Bank of India and the Securities and Exchange Board of India are working together on the initiative. The bonds are expected to carry an initial three-month lockup period, while exchanges may build a secondary market for the instruments by December.

The RBI pushes a plan to link CBDCs across BRICS nations, aiming to reduce dollar reliance but facing Trump's tariff threats. Pilot programs vary, while US-India trade tensions deepen.

AAP MP Raghav Chadha urged the Indian Parliament to recognize cryptocurrencies as a formal asset class, citing a policy gap that has driven over 4.8 trillion rupees in crypto trading offshore. Despite no budget relief, mounting investor pressure keeps reform hopes alive.

India’s central bank told lawmakers to keep banks and regulated financial firms away from crypto and private stablecoins, while saying an outright ban remains a valid policy option.

Reuters-cited documents show India’s central bank still wants banks and financial institutions barred from holding, trading, or taking exposure to crypto assets and private stablecoins, with tax authorities backing tighter controls.

India's central bank told a parliamentary panel on July 2 that it supports a 'calibrated containment strategy', pushing for bank insulation, stablecoin restrictions, but allowing regulated tokenization of real-world assets.

Bitcoin mining is legal in most regions but faces increasingly specific regulations. The U.S. proposes a 30% electricity tax, several states have enacted restrictions, India remains legally ambiguous, and Canadian provinces have paused new mines.

India's rupee fell to an all-time low of 92.5 per US dollar on March 12, 2026, driven by global pressures. Investors are turning to Bitcoin and gold as hedges, while the RBI sold $10-12 billion to stabilize the currency.