India: RBI Developing Blockchain Platform For Banking Needs!
In an interesting move RBI has been reported to be working on a blockchain technology enabled platform for various banking requirements.
The Institute for Development and Research in Banking Technology (IDRBT), is basically part of the RBI and this arm is said to be working on the development aspect of the model blockchain platform that is expect fill the needs of the banks regulated by the central bank of India.
“We have been working on a model platform for blockchain applications for the government in banking. It will be documented and developed next year,” AS Ramasastri, Director, IDRBT, told BusinessLine.
It seems that the focus of this platform is to ensure inter-operability with available blockchain applications, among others. In the past I had reported on NPCI working on building a blockchain platform. It's likely these systems will work together in the future.
On probable future trends in banking technology, Ramasastry said digital transactions were bound to increase and the UPI “has come long way by now.”
One must remember that NPCI built UPI and they are keen on using blockchain tech to speed up and scale up the transactions in the future.
However, this doesn't imply in any way that the central bank of India is changing it's stance on cryptocurrencies. It is merely exploring use cases of blockchain tech and implementing it for it's own requirements.
But, once this tech is up and running maybe RBI would consider using it for tokenisation as IMF predicts that central banks may issue digital currencies in the future.
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