Page 4 - PROJECT KHOKHA 2
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CONTENTS
CONTENTS
1
3 THE CURRENT DEBENTURES OPERATING
EXECUTIVE SUMMARY 7 2 BACKGROUND 11 Project Khokha 1 and subsequent developments 11 The launch of Project Khokha 2 14
ENVIRONMENT 17
Overview of the debentures market 17 Incumbents and market infrastructures 18 The debentures life cycle 19
4 THE PROOF-OF-CONCEPT 21 The scope of Project Khokha 2 21 The debenture token market proof-of-concept 22 Decentralised design considerations 30 Technical observations 33 Concluding thoughts on the proof-of-concept 35
5 IMPLICATIONS 37 Business and operational implications 37 Policy and regulatory implications 40 Concluding thoughts on implications 44
4 PROJECT KHOKHA 2
