As India Goes Cashless, its Central Bank Researches Blockchain
Could blockchain tech take India cashless? As India's government pushes ahead with a controversial plan to move the country away from physical cash, a group of researchers backed by its central bank has called for an investigation into how blockchain could achieve that goal. The Institute for Development and Research in Banking Technology (IDRBT) was founded in the 1990s by the Reserve Bank of India (RBI), and last week, it released its first major white paper focused on blockchain (which includes details of a test related to trade finance applications). In addition to providing a broad....
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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....
India’s central bank, the Reserve Bank of India (RBI), is working on a “phased implementation of a central bank digital currency (CBDC) in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.
India’s Central Bank Digital Currency to Be Implemented in Phases
A Reserve Bank of India (RBI) official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a....
New Delhi Television Limited, one of India's largest TV networks, aired a show featuring an interview with the Governor of Reserve Bank of India (RBI), Raghuram Rajan. The show, which was titled "India Forecast," gathered students from several local universities to ask the head of India's central bank various questions about the economy. Rajan said that Bitcoin "is fascinating." "I have no doubt that down the line, we will be moving towards primarily a cashless society and we'll have some kind of currencies like this which will be at work. For us at the Reserve Bank, this may happen in 10....
India has been a little slower than many Western - and indeed Asian - nations in its adoption of digital currency, but it looks as though we are finally seeing some movement in the right direction. In a television interview released earlier today, Raghuram Rajan, Gov of the reserve bank of India, voiced is opinion on bitcoin and its likely future in India. Seemingly in strong support for bitcoin adoption, the governor responded to a question from the audience of the television programme being filmed. He had this to say: I have no doubt that down the line, we will be moving towards....
India’s Central Bank, the Reserve Bank of India, is soon to commence the launch of its CBDC, which is the Central Bank Digital Currency aimed at specific use cases. The Reserve Bank of India has stated that there could be “multiple technological options which shall be tested and, based on the outcomes, the final architecture […]