印度央行的大膽舉措：CBDC 和資產代幣化改變印度的金融格局

印度儲備銀行正在通過將 CBDC 與資產代幣化相結合，引領印度金融體系的一場革命，並承諾提高效率和透明度。

The Reserve Bank of India (RBI) is making waves by integrating Central Bank Digital Currency (CBDC) with asset tokenization. This move aims to modernize financial infrastructure, enhance efficiency, and boost transparency. Let’s dive into what this means for India’s financial future.

印度儲備銀行（RBI）正在通過將中央銀行數字貨幣（CBDC）與資產代幣化相結合而掀起波瀾。此舉旨在實現金融基礎設施現代化、提高效率並提高透明度。讓我們深入探討這對印度的金融未來意味著什麼。

RBI's Unified Markets Interface (UMI)

印度儲備銀行的統一市場接口 (UMI)

The RBI has conceptualized a Unified Markets Interface (UMI) designed as a next-generation financial market infrastructure. Announced at Global Fintech Fest 2025 by RBI Governor Sanjay Malhotra, this interface will tokenize financial assets and settlements using wholesale CBDC. In simpler terms, it’s set to make financial trading between banks fully digital, faster, and more secure through digital tokens.

印度儲備銀行已經概念化了統一市場接口（UMI），旨在作為下一代金融市場基礎設施​​。印度央行行長 Sanjay Malhotra 在 2025 年全球金融科技節上宣布，該界面將使用批發 CBDC 對金融資產和結算進行代幣化。簡而言之，它將通過數字代幣使銀行之間的金融交易完全數字化、更快、更安全。

What is Asset Tokenization?

什麼是資產通證化？

Asset tokenization involves converting real-world assets, such as gold or even bank deposits, into digital tokens on a blockchain. This opens up new possibilities for financial markets, offering global trading opportunities with enhanced transparency and efficient settlements. The RBI conducted a pilot on deposit tokenization where deposits held at banks are represented as tokens, transferable across systems. The goal? One token equals one unit of deposit, improving market efficiency with lower friction and better transparency.

資產代幣化涉及將現實世界的資產（例如黃金甚至銀行存款）轉換為區塊鏈上的數字代幣。這為金融市場開闢了新的可能性，提供了透明度更高、結算效率更高的全球貿易機會。印度儲備銀行進行了存款代幣化試點，其中銀行持有的存款以代幣形式表示，可以跨系統轉移。目標？一枚代幣等於一單位存款，以更低的摩擦和更高的透明度提高市場效率。

The Role of CBDC

CBDC 的作用

A CBDC is a digital form of a country's fiat currency, essentially a digital version of cash issued by the central bank. In India, this is the Digital Rupee (e₹), mirroring the physical Rupee. It functions as legal tender, providing a secure digital representation of cash for transactions. The Digital Rupee comes in retail (CBDC-R) for public and business use and wholesale (CBDC-W) for financial institutions.

CBDC 是一個國家法定貨幣的數字形式，本質上是中央銀行發行的現金的數字版本。在印度，這是數字盧比 (eR)，反映了實物盧比。它充當法定貨幣，為交易提供安全的現金數字表示。數字盧比有供公共和商業使用的零售（CBDC-R）和供金融機構使用的批發（CBDC-W）。

The RBI has been actively piloting CBDC. A wholesale pilot launched in November 2022 settled government securities transactions, followed by a retail pilot in December 2022 for P2M and P2P transactions. By March 2025, retail CBDC usage significantly increased, while wholesale usage saw a decrease. The e₹ has been tested in various use cases, including direct benefit transfers and loans for tenant farmers.

印度儲備銀行一直在積極試點 CBDC。 2022 年 11 月啟動的批發試點解決了政府證券交易，隨後於 2022 年 12 月啟動了 P2M 和 P2P 交易的零售試點。到 2025 年 3 月，零售 CBDC 使用量顯著增加，而批發使用量出現下降。 eR 已經在各種用例中進行了測試，包括直接福利轉移和佃農貸款。

How Tokenized Deposits Work

代幣化存款如何運作

With tokenized deposits, customers deposit assets with a trusted custodian, like a bank, which then issues digital tokens on a blockchain network. Customers can trade these tokens while the real asset remains securely stored. The RBI is reportedly planning to explore tokenization in money market instruments further.

通過代幣化存款，客戶將資產存入值得信賴的託管人（例如銀行），然後銀行在區塊鍊網絡上發行數字代幣。客戶可以交易這些代幣，同時安全地存儲真實資產。據報導，印度儲備銀行計劃進一步探索貨幣市場工具的代幣化。

RBI's Deposit Tokenisation Pilot: A Deeper Dive

印度儲備銀行的存款代幣化試點：深入探討

Launched on October 8, 2025, the RBI's deposit tokenisation pilot marks a significant stride in modernising India’s financial infrastructure. Operating on the wholesale CBDC platform (e₹-W), it involves major banks and aims to enable faster, more secure settlements by representing bank deposits as digital tokens.

印度儲備銀行的存款代幣化試點於 2025 年 10 月 8 日啟動，標誌著印度金融基礎設施現代化的重大進步。它在批發 CBDC 平台（eR-W）上運營，涉及主要銀行，旨在通過將銀行存款表示為數字代幣來實現更快、更安全的結算。

Suvendu Pati, Chief General Manager at the RBI, highlighted that deposit tokenisation could revolutionise interbank transactions by reducing settlement time and operational costs. The pilot focuses on interbank transfers and settlements, assessing technological feasibility, security, and scalability before broader applications.

印度央行首席總經理 Suvendu Pati 強調，存款代幣化可以通過減少結算時間和運營成本來徹底改變銀行間交易。該試點項目的重點是銀行間轉賬和結算，在更廣泛的應用之前評估技術可行性、安全性和可擴展性。

Looking Ahead

展望未來

The RBI plans to extend tokenization to money market instruments like certificates of deposit and commercial paper. This move aims to enhance market liquidity, transparency, and operational efficiency in short-term funding markets. Experts believe deposit tokenization could bridge existing fiat-based systems with fully tokenized financial infrastructure, potentially paving the way for 24/7 settlement and real-time programmable payments.

印度儲備銀行計劃將代幣化擴展到存款證和商業票據等貨幣市場工具。此舉旨在增強短期融資市場的流動性、透明度和運營效率。專家認為，存款代幣化可以將現有的基於法定的系統與完全代幣化的金融基礎設施連接起來，從而可能為 24/7 結算和實時可編程支付鋪平道路。

Using e₹ Today

立即使用 e$

You can currently use the e-Rupee to make payments to merchants and individuals, similar to using cash or UPI. Major banks offer digital rupee apps for transactions. It’s considered safe, as it’s a sovereign currency issued by the RBI and easily convertible into cash.

您目前可以使用電子盧比向商家和個人付款，類似於使用現金或 UPI。主要銀行提供數字盧比交易應用程序。它被認為是安全的，因為它是印度儲備銀行發行的主權貨幣，很容易兌換成現金。

Conclusion

結論

The RBI's push for deposit tokenization reinforces India’s leadership in digital payments and financial innovation. By balancing innovation with stability, the central bank ensures India remains at the forefront of financial technology advancement. Who knows, maybe one day we'll all be trading tokenized chai lattes! Keep an eye on this space—the future of finance is looking bright, and it's powered by the RBI's innovative spirit.

印度央行推動存款代幣化加強了印度在數字支付和金融創新方面的領導地位。通過平衡創新與穩定，印度央行確保印度始終處於金融技術進步的前沿。誰知道呢，也許有一天我們都會交易代幣化的拿鐵奶茶！密切關注這個領域——金融的未來看起來很光明，而它的動力來自印度儲備銀行的創新精神。