RBI explores tokenising gold amid push to expand Unified Markets Interface
The Reserve Bank of India is exploring gold tokenisation for its Unified Markets Interface. This platform currently settles tokenised financial instruments using central bank digital currency. RBI aims to expand the interface to include more asset classes beyond existing tested instruments. While gold is a possibility, other financial assets are also under examination. The central bank is…
Mumbai: The Reserve Bank of India (RBI) is investigating the potential of tokenising gold to broaden its Unified Markets Interface, a platform that has already tested other financial assets such as certificates of deposit and commercial paper. Executive Director P. Vasudevan discussed this possibility at the Global Fintech Fest 2026, acknowledging that tokenisation could address certain challenges but also present new regulatory and systemic risks.
The RBI has already ventured into tokenised financial-market instruments through the Unified Markets Interface, a system that allows tokenised assets to settle using wholesale central bank digital currency. Vasudevan expressed optimism about expanding the platform to include more asset classes. However, he cautioned that certain applications might introduce new risks.
Deposit tokenisation, in particular, requires careful consideration, as it could potentially address challenges faced by individual institutions but could also open new financial stability issues. Vasudevan flagged concerns around legal certainty, data privacy, consent management, concentration of activity on a few platforms, and interoperability.
Despite these challenges, Vasudevan emphasized the importance of maintaining interoperability, a success story of the payments ecosystem, with about 118 crore cards tokenised, accounting for around 5 billion transactions.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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