Blockchain Tested by Major Indian Bank, Research Arm of Central Bank Gives It Green Light
Just as India’s fifth largest private sector bank announced that it has implemented a Blockchain transaction, the Institute for Development & Research in Banking Technology, the research arm of the country’s apex bank, says that it has tested the technology for core banking processes in the country. IDRBT is an arm of the Reserve Bank of India (RBI). It says the time is ripe for Blockchain technology adoption in India. Yes Bank has used the transaction to digitize vendor financing for a consumer appliances manufacturer. Booming market. In its white paper titled “Applications of....
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The research arm of the Reserve Bank of India (RBI), India’s central bank, has completed an end-to-end blockchain technology test involving regulators, banks, financial institutions and clearinghouses, the Economic Times reports. RBI’s Institute for Development and Research in Banking Technology (IDRBT) developed and tested a proof of concept (PoC) for a blockchain-based trade finance application, with the active participation of National Payments Corporation of India (NPCI), banks and solution providers. The IDRBT, which wants to be “the premier and preferred Research and Development....
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 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....
India’s central bank, the Reserve Bank of India (RBI), says a basic central bank digital currency (CBDC) model must be adopted initially and tested comprehensively to minimize the impact on the country’s monetary policy and banking system. The Indian apex bank sees several benefits in launching a digital rupee, including “a potential to enhance the efficiency of cross-border payments.” RBI Outlines Benefits of Issuing Digital Currency and How to Launch a CBDC With Minimal Impact The Reserve Bank of India (RBI) released its “Report on Trend and Progress of....
The Indian government is consulting with the Reserve Bank of India (RBI) on crypto policies. According to the finance minister, the government and the central bank are in “complete harmony” on crypto and other issues. Indian Government and Central Bank Discussing Crypto Policies Internally Indian Finance Minister Nirmala Sitharaman revealed Monday that the government is discussing crypto policies with the central bank, the Reserve Bank of India (RBI). At the conclusion of the RBI’s board meeting, the finance minister told reporters that the government and the central....