India Tokenizes State Assets and Corporate Bonds, Sets Stage for Blockchain Growth
India is rapidly advancing its blockchain and tokenization efforts, as evident from recent developments in Maharashtra and at the national level. The state of Maharashtra is drafting a policy to tokenize state-owned assets, including electricity transmission infrastructure. This move aims to raise fresh capital from token holders to fund new power lines and solar storage.
The plan involves tokenizing around 40% to 50% of the transmission infrastructure, allowing token holders to receive a share of the income generated by these assets. The money raised from selling tokens would then be used to fund new transmission lines and solar storage.
Chief Minister Devendra Fadnavis has directed officials to draft the Maharashtra Digitisation and Exchange of Land Token Assets Act (DELTA Act), which would make Maharashtra the first Indian state with a dedicated blockchain property tokenization law. The bill is still in draft form.
In another development, India's Securities and Exchange Board of India (SEBI) launched a tokenized corporate bond pilot under the system called Demat 2.0. Three companies raised a combined $107 million through the pilot, using a distributed ledger connected to the Reserve Bank of India's wholesale central bank digital currency.