UPDATE 1-Indian central bank to launch pilot for deposit tokenisation, official says

(Adds details from paragraph 2 onwards) Oct 7 (Reuters) – India’s central bank will launch a pilot on deposit tokenisation on Wednesday, an official said. Digital tokenisation typically refers to creating digital representations of assets such as deposits, stocks and bonds that are stored on a blockchain. They are known to make transactions faster, cheaper and safer. The Reserve Bank India will use the wholesale leg of its central bank digital currency (CBDC) as the underlying layer for the exercise, RBI chief general manager Suvendu Pati said at event in Mumbai on Tuesday. The regulator is working with "a few banks" for this, he added. (Reporting by Ashwin Manikandan in Mumbai; Writing by Kashish Tandon; Editing by Sonia Cheema and Janane Venkatraman)

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