RBI Explores Tokenising Gold Amid Push to Expand Unified Markets Interface

September 10, 2026
Posted by: Harsh Piplani
Category: News

RBI is exploring gold tokenisation as part of a broader plan to add more asset classes to its Unified Markets Interface.

Quick Answer

RBI gold tokenisation is being explored by the central bank as part of a plan to expand the asset classes covered by its Unified Markets Interface, according to Executive Director P Vasudevan, speaking at the Global Fintech Fest 2026. The RBI gold tokenisation exploration comes alongside existing trials of certificate of deposit tokenisation, with about 248 transactions worth Rs 17,000 crore processed so far, and builds on RBI’s Card-on-File Tokenization mandate, under which around 118 crore cards have been tokenised since October 2022.

The Reserve Bank of India is looking beyond financial securities to physical assets like gold as it expands its RBI gold tokenisation ambitions.

Here is what RBI said about gold tokenisation and its broader plans for the Unified Markets Interface.

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Table of Contents

What RBI Has Tested So Far

Ahead of considering RBI gold tokenisation, the central bank has already tested tokenisation of certificates of deposit on its Unified Markets Interface, processing about 248 transactions worth Rs 17,000 crore, roughly two-thirds of which occurred in the secondary market. RBI’s existing Card-on-File Tokenization mandate, active since October 2022, has tokenised around 118 crore cards with 5 billion transactions processed.

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How the Platform Would Work for Gold

P Vasudevan explained that the Unified Markets Interface pairs tokenised assets with wholesale Central Bank Digital Currency for settlement, allowing both the asset and the payment to move on the same platform, achieving what he called atomicity of settlement with no settlement gap. He flagged legal clarity, data privacy and concentration risk as challenges that need to be addressed as RBI gold tokenisation and other asset classes are considered.

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Disclaimer: Data and figures in this article are sourced from publicly available information and may change as trading continues through the day. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

FAQs

What is RBI gold tokenisation?

Ans. It refers to RBI’s exploration of tokenising gold as an asset class on its Unified Markets Interface, as discussed by Executive Director P Vasudevan at GFF 2026.

What is the Unified Markets Interface?

Ans. It is RBI’s platform for tokenising financial assets and settling transactions using wholesale Central Bank Digital Currency, now being considered for RBI gold tokenisation.

What has RBI already tokenised on this platform?

Ans. RBI has tested tokenisation of certificates of deposit, processing about 248 transactions worth Rs 17,000 crore so far, ahead of exploring RBI gold tokenisation.

How does the wholesale CBDC support tokenisation?

Ans. It allows the asset and the payment to settle on the same platform simultaneously, which RBI describes as atomicity of settlement with no settlement gap.

What risks did RBI flag around expanding tokenisation?

Ans. Legal clarity, data privacy, data movement, consent management and concentration risk were flagged as challenges relevant to RBI gold tokenisation and other asset classes.

Has RBI tokenised cards before this initiative?

Ans. Yes, RBI’s Card-on-File Tokenization mandate has been active since October 2022, tokenising around 118 crore cards.

Author: Harsh Piplani

I am Harsh Piplani, an Assistant Content Manager with over 5 years of experience in crafting impactful, result-driven content. I hold a B.Com (Hons) degree and have worked across diverse industries, including education, fintech, healthcare, jewellery, and more. I specialise in content strategy, SEO, and optimisation, ensuring that every piece I create is not just well-written but also well-ranked. I believe content should do more than fill space so as to drive traffic, build authority, and support business growth. I enjoy turning complex ideas into clear, engaging narratives, and, as I like to say, I know how to spin words like a web to influence, structured, strategic, and impossible to ignore. For me, great content sits at the intersection of creativity and performance.