Reserve Bank of India Publicly Endorses Blockchain Technology

Reserve Bank of India Publicly Endorses Blockchain Technology

To people active in the Bitcoin world, certain things started making sense quite some time ago, while the rest of the world is still catching up. Blockchain technology – which powers the Bitcoin network – can be used for so much more than just financial services. A recent article details how the Reserve Bank of India acknowledges the potential of the blockchain, including protection against counterfeiting. Slowly but surely, the central banks of this world are coming together in showing their appreciation for the technology powering the Bitcoin network. Up until a few years ago, these same....


Related News

India’s Reserve Bank Talks Up Blockchain Amidst Brexit Fears

Central bankers everywhere are looking wide-eyed at the underlying technology that powers the cryptocurrency Bitcoin. Now with the economic uncertainty brought on by the reality of Brexit, the Reserve Bank of India is preparing by studying blockchain technology and stashing forex reserves. Reserve Bank of India Notes Blockchain ‘Flexibility’. The Reserve....

Reserve Bank of India Successfully Tests Blockchain Technology

The Reserve Bank of India has successfully tested blockchain technology for trade application. The evaluation was carried out in partnership with MonetaGo, domestic banks and other financial institutions. The Indian central bank recently tested Bitcoin’s underlying blockchain technology. The Reserve Bank of India’s research arm is said to be involved in its first ever end-to-end test of the technology along with other stakeholders of the country’s financial system. Institute for Development and Research in Banking Technology (IDRBT), the Reserve Bank’s research arm has worked closely with....

The Reserve Bank of India Announces Blockchain Committee

The Deputy Governor of the Reserve Bank of India announced the central bank's intention to set up a blockchain committee to reduce the usage of currency notes. India is one of the largest cash dependent nations in the world. A majority of people in the world’s largest democracy have the tendency to use cash for most of the transactions. This has created a challenge for the Indian central bank —The Reserve Bank of India to maintain the liquidity in the country’s monetary system. In order to ensure there are enough bank notes to go around, the premier bank is forced to print more currency....

The Reserve Bank of India Calls for a Cashless Society, Issues Warning against Bitcoin

The Reserve Bank of India has recently issued a notification against the use of Bitcoin, stating various risks associated with it. The traditional banking and financial sector is filled with hypocrites. On one hand, these institutions want to implement the distributed ledger technology introduced by Bitcoin, whereas on the other they don’t want to accept Bitcoin for what it is. The Reserve Bank of India has just proven it by issuing a warning against the use of Bitcoin. It is the second such warning against Bitcoin issued by the Reserve Bank of India. The recent notification follows the....

Reserve Bank Of India Mobilizes Blockchain & Fintech Initiatives

In response to the challenges posed by technology, the Reserve Bank of India (RBI) has enacted initiatives to address cybercrime as well as the disruptions caused by the emerging fintech sector, including blockchain technology. The RBI has established the Reserve Bank Information Technology (ReBIT) has been established to address these issues. R. Gandhi, deputy governor of the bank, summarized the critical role of the ReBIT activities during the 12th Institute for Development and Research in Banking Technology (IDRBT) excellence awards function in Hyderbad. Gandhi’s remarks were provided....