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....
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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....
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The second most populated country in the world is stepping up to the plate to consider Bitcoin and provide this digital, decentralized cryptocurrency an opportunity to flourish prior to regulating. With a population of over 1,232,530,000, India is a hotspot of potential for growth of the Bitcoin currency and community. Right on the top of the list of the most tech-oriented nations, India will take a leap forward should the Reserve Bank of India truly take a hands off approach towards the Bitcoin currency. As the Indian Rupee is calling for attention with higher rates of inflation, the....
Reserve Bank of India seal, featuring Shere Khan. The RBI (Reserve Bank of India) just issued a caution against Bitcoin. The announcement can be viewed on their official website. The full text is as follows: The Reserve Bank of India has today cautioned the users, holders and traders of Virtual currencies (VCs), including Bitcoins, about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to. The Reserve Bank has mentioned that it has been looking at the developments relating to certain electronic records claimed to....