印度馬哈拉施特拉邦已開始制定政策，將選定的電力傳輸資產中最多50%代幣化，以融資新的電力線路和太陽能儲能設施。
摘要
- 馬哈拉施特拉邦可能將選定的輸電線路中40%至50%代幣化。
- 代幣持有者可能獲得馬哈拉施特拉輸電公司產生的部分收入。
- 收益可為新的輸電能力和太陽能儲能中心提供資金。
- 擬議的DELTA法案將涵蓋全州基於區塊鏈的財產代幣化。
馬哈拉施特拉邦考慮與電力收入掛鉤的代幣
馬哈拉施特拉邦首席部長德文德拉·法德納維斯的首席經濟顧問兼馬哈拉施特拉轉型機構首席執行官普拉文·帕德希在孟買世界貿易中心舉行的僅限受邀者參加的活動The Box Launch上概述了該計劃。
房地產代幣化公司RealX和MST Blockchain主辦了此次活動，帕德希在活動中描述了馬哈拉施特拉邦如何利用數位代幣，以創收的國有資產為抵押籌集資金，而無需直接出售資產。
在一種可能的結構下，該邦可以將一條輸電線路的40%至50%代幣化。購買代幣的投資者將獲得馬哈拉施特拉邦電力傳輸公司（通常稱為Maharashtra Transco）所賺取收入的一部分。
帕德希表示，馬哈拉施特拉邦可以將代幣銷售籌集的資金用於增建輸電線路。資金還可支持旨在儲存太陽能直至電力需求上升的儲能中心。
該擬議模式並非將基礎設施的完全控制權轉移給私人所有者，而是允許投資者參與公共資產特定部分所產生的收入。帕德希將代幣化描述為一種融資工具，可以讓更多公民參與公共基礎設施開發。
詳細條款尚未披露，包括哪些輸電資產可能進入該計劃、代幣持有者將如何獲得收入、誰可以投資，或哪個區塊鏈網路將記錄所有權。該邦也未宣布可能的代幣銷售規模或時間。
有限的電網容量導致太陽能電力未被使用
據帕德希稱，馬哈拉施特拉邦對新融資的興趣部分源於其太陽能發電量與輸電能力之間的不匹配。
該邦在某些時段產生的太陽能電力超過其使用量，但其電網並不總能將電力輸送到有需求的地區。如果沒有足夠的輸電線路和儲能設施，在過剩時段產生的低成本電力可能無法在每日用電高峰時使用。
帕德希表示，當供應超過需求時，電力在電力交易所的交易價格可能低至每單位2派士。然而在用電高峰時段，配電公司可能不得不以每單位16至18盧比的價格購買電力。
儲能設施可以儲存部分白天過剩的太陽能並在稍後釋放，而新線路可以將電力從發電地點輸送到消費中心。根據活動上展示的模式，馬哈拉施特拉邦計劃將任何基礎設施代幣化計劃的收益用於這兩類項目。
代幣持有者將依賴附屬於每項資產的收入權和法律保護，而非擁有整條物理輸電線路。因此，最終結構需要定義收入如何計算、分配和記錄，以及如果收入低於預期，投資者將擁有什麼權利。
流動性將是任何可交易版本代幣的另一個考慮因素。正如crypto.news 在9月報導的那樣，代幣化現實世界資產的價值已達到346億美元，但只有37.9億美元在協議內被使用，約89%的已發行價值處於不活躍狀態。
Falcon Finance首席RWA官Artem Tolkachev在報告中表示，低利用率應根據資產的預期用途來評估。主要設計用於分配收益的代幣即使不頻繁交易也可能仍能實現其目的，而為用作抵押品而創建的資產將面臨不同的考驗。
DELTA Act would set rules for property tokenization
Alongside its power infrastructure proposal, Maharashtra is drafting the Maharashtra Digital and Land Token Asset Trading Act, known as the DELTA Act.
If enacted, the proposed law would make Maharashtra the first Indian state to adopt legislation specifically covering blockchain-based property tokenization, according to details presented at The Box Launch. The available information does not provide a legislative timetable or state whether a draft has reached the Maharashtra legislature.
Pardeshi used Mumbai’s Express Towers commercial building to explain how property tokenization could operate. The building was tokenized through a real estate investment trust structure, dividing an interest in the property into smaller investment units.
A June 2026 explainer described real-world asset tokenization as the process of representing rights to an off-chain asset through tokens recorded on a blockchain. Depending on the legal structure, a token may represent ownership, income rights, debt, or another contractual claim.
In Maharashtra’s proposed infrastructure model, the legal connection between a token and Maharashtra Transco’s revenue would be central. Blockchain records alone would not determine whether investors hold enforceable claims; those rights would depend on the state’s legislation, offering documents and contractual framework.
Pardeshi also rejected the idea that tokenizing a portion of a government asset automatically amounts to privatization. Under the model he presented, the state would continue creating and operating public infrastructure while token buyers would participate financially in the asset’s revenue.
U.S. rules show why token rights matter
For American investors, any access to Maharashtra-linked tokens would depend on the eventual offering terms and applicable U.S. securities rules. No plan has been announced to market the proposed tokens in the United States or make them available through U.S.-registered platforms.
Recent disputes involving stock tokens show why the legal rights attached to a digital asset matter. Robinhood’s conflict with AMC Entertainment raised questions over third-party tokens linked to publicly traded shares, including whether buyers receive the same rights as shareholders in the underlying company.
Robinhood’s tokenized stock products cited in the September report were offered through an offshore unit and were unavailable to U.S. users. AMC CEO Adam Aron objected to an AMC-linked product created without the company’s approval, while Robinhood said the tokens followed the value of the underlying shares through a custodial structure.
Maharashtra’s proposal differs in form because the state is considering a direct financing arrangement tied to public infrastructure revenue. Pardeshi’s presentation indicates that Maharashtra would establish the model through state policy and the proposed DELTA Act, though the final investor protections, eligibility requirements, trading rules and revenue-distribution process remain subject to the legislation and any later offering documents.
