September 26, 2020

Reserve Bank of India is working on a blockchain banking platform

Reserve Bank of India is working on a blockchain banking platform

The Reserve Bank of India (RBI) is working on a blockchain platform through the Development Institute and research in banking technology(IDRBT). The new decentralized platform is designed for banks to interact with the government. Despite the fact that the central bank supports this initiative, historically it has been hostile to cryptocurrency.

The head of IDRBT Ramasastri told Business Line about the new project and noted that they will be quite careful. The model should appear soon.

We are working on a platform model forblockchain applications for the government in the banking sector. It will be documented and developed next year, ”he said. Despite the fact that there is a huge space for deploying blockchain applications, we are wary of development.

The research and development department is also considering the possibility of further development of the fintech industry. Thus, IDRBT is already participating in a discussion of this issue with a number of companies.

The dialogue continues, and we expect good results, ”said Ramasastri. Fintech companies are radically accelerating and changing the financial services industry.