RBI explores tokenising gold amid push to expand Unified Markets Interface

Mumbai: The Reserve Bank of India (RBI) is investigating the possibility of tokenising gold as a new asset class, as it aims to expand its Unified Markets Interface beyond existing financial instruments like certificates of deposit and commercial paper. Executive Director P. Vasudevan, speaking at the Global Fintech Fest 2026, noted that the bank is considering gold tokenisation as a viable option, acknowledging the challenges that exist but believing they can be overcome through tokenisation.

The RBI has already experimented with tokenised financial-market instruments on the Unified Markets Interface, which enables settlement of assets using wholesale central bank digital currency. Vasudevan expressed optimism about adding more asset classes to the platform, suggesting that this would significantly enhance the ecosystem.

However, he also cautioned that certain applications could introduce new regulatory and systemic risks. Tokenising deposits, in particular, requires careful consideration, as it may raise concerns about financial stability. Additionally, legal certainty, data privacy, consent management, concentration of activity on a few platforms, and interoperability were highlighted as potential challenges that need to be addressed.