Reserve Bank Of India Works To Create New Blockchain Banking Platform For Government

The Reserve Bank of India is currently working on a blockchain project that is aimed at helping financial institutions in the country. This is despite the fact that the country has been against the evolution and growth of the virtual currency market.

  • RBI develops blockchain banking platform for financial institutions in the country
  • India has taken very hard measures against digital assets

The Reserve Bank of India (RBI), the central bank of the country, is currently working on a blockchain platform for banking in its R&D branch. The information was released in a report by BusinessLine on June 28. This is very important, considering that the country has been against cryptocurrencies and crypto-related projects in the space.

RBI Works With Blockchain Technology

The central bank of India is currently working on a blockchain platform that aims at hosting and supporting different blockchain applications. The goal is to launch the service next year and help banks and financial institutions have their needs attended.

As reported by the director of The Institute for Development and Research in Banking Technology, RBI’s R&D branch, the platform will also be supporting blockchain-based apps for governmental agencies in banking.

Although the bank seems to be moving towards distributed ledger technology (DLT), the bank and the whole country have never been in favor of virtual currencies and digital assets. Bitcoin (BTC) and other cryptocurrencies can be transacted in India, but the lack of clear regulations and pressure on different companies operating in the country has affected the whole ecosystem. Indeed, many cryptocurrency exchanges had to leave the country searching for new places where to operate.

On June 27, the co-founder and CEO of the cryptocurrency exchange Koinex, Rahul Raj, informed that they were shutting their operations down due to governmental pressure. The RBI has also specified that cryptocurrency projects, including Initial Coin Offerings (ICOs), and crypto exchanges would not be permitted in the regulatory sandbox project that they were preparing for different companies.

According to The Economic Times, Facebook is not expected to be registering its virtual currency Libra with the RBI. This is despite the fact that there are several countries and regulatory agencies around the world that have already requested information about how Libra works.

There are many other banks around the world that are already using blockchain technology to offer better services to clients around the world. One of them is JP Morgan Chase that created its own blockchain network called Quorum and a digital currency, the JPM Coin.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Venus Protocol's Decentralized Stablecoin, Via, Launches on Binance Smart Chain; Forked From Compound & MakerDAO

On September. 28, Binance announced the launch of Venus Protocol, an algorithmic money market platform that allows borrowing of over-collateralized loans, lending, and generation...

‘Large-Scale' Crypto Exit Scams Detected in Estonia’s E-Residency Program

Estonia had granted foreigners remote access to its digital infrastructure through its e-residency program, which is now linked to cryptocurrency frauds abroad. Amidst Europe working...

Grayscale Bought 17,100 BTC Last Week, Now Holds 2.4% of Bitcoin’s Supply

As the bitcoin price continues to remain under $13,000 for over a year now and around $10,000 for more than the past month, there...

EY Debuts First ERP Solution on the Ethereum Public Blockchain and Enhances On-Chain Analytics Explorer

Consulting giant Ernest & Young (EY) has launched an enterprise procurement solution based on the Ethereum public blockchain. This initiative will leverage smart contract...

YFI Founder Andre Cronje ‘Still Building' the DeFi Project that Got Hacked for $16 Million

Amidst the craze and shift toward non-fungible tokens (NFT), DeFi sweetheart yEarn’s founder Andre Cronje’s latest project saw rug pulled on $16 million. The project...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today