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....
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Bitcoin took a dip Tuesday as traditional markets suffer the jitters over fears of a "no-deal" Brexit.
There has been a flurry of central bank activity recently spewing advice and cautioning citizens about virtual currencies like Bitcoin. First, it was PBOC and now the recently, the Reserve Bank of India (RBI), India’s central bank has come up with a press release that warns Indians about the dangers of dabbling in virtual currencies. RBI cautions holders and traders of Bitcoin. On Feb. 1, 2017, the Reserve Bank of India posted a brief press release on their website saying, “The Reserve Bank of India had cautioned users, holders and traders of Virtual Currencies (VCs), including Bitcoins,....
In a significant endorsement of blockchain technology, bitcoin’s underlying innovation, the research arm of the Reserve Bank of India (RBI) – India’s central bank – has tested blockchain solutions for core banking processes in the country. More notably, researchers have determined that blockchain technology has “matured enough” to be the core technology to support the digitization of India’s fiat currency, the rupee. Established by the central bank, the Institute for Development & Research in Banking Technology (IDRBT) is the research arm of the RBI and the foremost banking research....
The founder and CEO of Starling, a digital bank, has expressed her views stating that EU laws have helped to shape the U.K.’s FinTech sector, but she fears that the result of Brexit could see the sector stalling. Anne Boden, who set up Starling in 2014, praised the EU by saying that it had come up with ‘very good payment and banking legislation,’ according to a report to the Financial Times. She said: I know the traditional banks don’t always like it, but if you look at it from a competition and innovation point of view, and especially for the development of fintech, then European....