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“There were some discussions yesterday. We were looking at gold tokenisation as one more avatar that is being explored. There are challenges in the existing modes, but that can be fulfilled by tokenisation,” said P. Vasudevan, Executive Director, Reserve Bank of India, at the Global Fintech Fest 2026. Also Read: India should build fintech for the world, target $60-80 billion financial services exports, says Commerce Secretary Rajesh Agarwal RBI has already begun experimenting with tokenised financial-market instruments through the Unified Markets Interface, a platform that allows tokenised assets to be settled using wholesale central bank digital currency. The central bank had earlier piloted tokenised certificates of deposit as part of this initiative. “Unified Markets Interface has been a good launch pad, but we are hopeful to add more asset classes to it, and that will actually make the ecosystem much bigger,” Vasudevan said. While gold could be the next addition, RBI is also examining how tokenisation could extend across a broader set of financial assets. Vasudevan pointed to deposits, corporate bonds and other instruments, but cautioned that some applications could create new regulatory and systemic risks. Deposit tokenisation, in particular, requires greater caution. Vasudevan said it “is going to open another financial stability issue,” even as it could potentially address challenges faced by individual institutions. He also flagged risks around legal certainty, data privacy and consent management, concentration of activity on a few platforms and interoperability. Also Read: India, Saudi Arabia deepen fintech ties with three-year pact for investment, startup expansion “One of the success stories of our payments ecosystem has been interoperability. We don’t want to lose on that,” Vasudevan said. RBI already has experience with tokenisation at scale through its card-on-file framework. Vasudevan said about 118 crore cards have been tokenised, accounting for around 5 billion transactions. (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .) Subscribe to ET Prime and read the Economic Times ePaper Online.and Sensex Today. Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
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