Reserve Bank of India Is Building a Banking Platform on Blockchain

[MUGNIA]

The Reserve Bank of India (RBI) has announced it is developing a banking platform built on blockchain as part of its R&D branch. It is expected to launch next year.

India has been in the news as of late for its anti-cryptocurrency activity. Recently, a draft bill was proposed to outright ban cryptocurrencies — despite being unlikely to pass. The Reserve Bank of India (RBI) has also been opposed to introducing Facebook’s cryptocurrency Libra into the country as well. However, as expected, the RBI is not opposed to blockchain technology for its own uses. In fact, it is developing its own platform using the technology.

Reports released yesterday indicate that the bank plans to unveil its platform later this year as part of its research and development department. The platform will support various applications built on top of blockchain-based technology. According to the director of The Institute for Development and Research in Banking Technology, the project will only serve banks.

The Reserve Bank of India (RBI) is known for being hostile to ICOs and was responsible for banning banks from handling cryptocurrency-related transactions. Many of India’s cryptocurrency exchanges have been forced to shut down as a result since last year.

It is strange to see the RBI outright ban cryptocurrency-related transactions and finance while supporting blockchain technology. A similar approach has been taken in China which has seen blockchain-related developments explode while cryptocurrency mining, transactions, and trading remain banned. According to reports, the country has the highest number of blockchain patents anywhere else in the world. Perhaps India wants to follow in these footsteps.

Although the RBI’s efforts to create a blockchain-based platform for banks is positive news from a technological standpoint, it will likely have no immediate impact on the country’s stringent laws against cryptocurrencies. Perhaps as the banking system becomes more acquainted with the technology, it will grow to be more lenient with cryptocurrencies in the coming years.


source: https://beincrypto.com/reserve-bank-of-india-is-building-a-banking-platform-on-blockchain/

[Alcor]

There is nothing strange here. Practically all states very highly appreciated the blockchain technology for safe operation with large databases in the online mode of the global Internet. Especially this technology is ideal for the banking system. States understand that not using such technology means a sharp lag in technology from other states that will be the first to use such technology.
Considering that cryptocurrency is practically the first product of using blkckchain technology, there is nothing contradictory in recognizing the technology itself and not recognizing one of its products.

[Meysa123]

This development as done by India is very good, and this will bring progress in blockchain technology to the country of India in the cryptocurrency industry.

[Pegasus]

It's interesting to see many rumors on India to ban crypto and now this reserve bank to build a platform on blockchain. Clearly it shows that crypto is threatening bank's roles but blockchain, on the other hand, is a good thing. Whether it's crypto or blockchain being used in real life, it's worth expecting.

[Prime]

I am not surprised if RBI is developing a banking platform since there are many banks in the world interested in blockchain technology. I think there will be more banks to follow it in the near future. 

[zilzylian]

That's what I regret because the government and banks always ban crypto, but they want to use and develop blockchain technology, crypto technology continues to be developed, even if crypto continues to reject, there will be an international crypto bank that will support cryptocurrency.

[Bobcrypto]

In addition, it very amazing that crypto and the blockchain is the emerging technology that has actually come to help the masses, though most persons, and organizations has been disguiseing with pretence to condem and hate the technology without knowing what it meant.
It is becoming clearer by the day that blockchain is the best technology that can help everyone, especially the big organizations to solved the several issues posed by the banks and the financial sectors hence, many of these banks are gradually coming to terms with the blockchain plus cryptocurrency. I think many more will embrace the blockchain in just few years, let watch how things play out.