CBDCs Controlling the Debt Market
India is preparing to launch its first tokenized corporate bond in September, and this experiment exposes where the digital monetary system is ultimately heading. The bonds will be issued by REC, a state-owned power financier, in an offering worth less than 5 billion rupees, or approximately $57 mil
Source: Armstrong Economics
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DW NOTE
India is now tokenizing state-owned debt on a central bank digital ledger. This isn't a pilot for market efficiency — it's a trial run for settlement control. Once sovereign and corporate issuance moves to a CBDC rail, the central bank doesn't just set rates, it administers every transaction in the funding chain. The ¥57 million scale is irrelevant; the infrastructure is the point.