India launches blockchain-based corporate bond settlement pilot tied to CBDC

India’s Securities and Exchange Board of India has launched “Demat 2.0,” a pilot program for corporate bond settlement using blockchain and a central bank digital currency, CoinDesk reported. Under the pilot, corporate bonds will be issued as tokens on a distributed ledger and linked to the Reserve Bank of India’s wholesale digital rupee, allowing bond transfers and payments to be completed simultaneously. Existing bond terms, including interest rates, maturities, and investor rights, will remain unchanged. The pilot is also set to expand to include secondary-market trading and retail investor participation.