RBI ON CRYPTOCURRENCY !!
The Reserve Bank of India (RBI) is already looking at the brave new world of crypto currency. The success of Bitcoin may have encouraged the central bank to consider its own crypto currency since it is not comfortable with this non-fiat crypto currency.
A group of experts at RBI is examining the possibility of a fiat crypto currency which would become an alternative to the Indian rupee for digital transactions.
Last year, it was reported the government could launch its on cryptocurrency, Lakshmi.
RBI's crypto currency could be a part of creating its own Blockchain, a distributed digital ledger and technology that supports crypto currencies. State Bank of India has taken the lead in bringing lenders and tech companies together for using Blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks' loan book. The SBI's initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commercial banks
RBI would launch its own coin....it will accept Blockchain technology but will not use pre existing cryptos...will launch its own crypto