RBI could unlock idle capital and save India foreign exchange by turning gold into digital tokens

In 2015, India tested a gold monetization scheme designed to draw jewellery, coins and bars out of homes into banks in lieu of interest payments. Like earlier gold deposit packages, it made little headway. As the same items could not be retrieved, heirlooms got lost. Instead, ornaments need to be pawned the old way, as seen in the gold-loan boom.