The Reserve Bank of India (RBI) is planning to use blockchain technology to serve the needs of Indian banks. The Institute for Development and Research in Banking Technology (IDRBT), the research wing under RBI, is working on a blockchain platform for banking.
According to reports, the blockchain platform will be documented and developed next year. The report also says that the platform will be compatible with other blockchain networks.
Inc42 says that India has around 100 active blockchain startups. Despite the government’s positive stance on blockchain technology, not much has been done to promote the technology on ground. While RBI did include blockchain technology in its regulated sandbox, a lot more needs to be done to make India a truly blockchain-friendly country.
India’s stance on cryptocurrency is an absolute paradox compared to its stance on blockchain technology. Cryptocurrencies are the most successful applications of blockchain with the potential to disrupt finance and many other sectors. The government has squeezed the life out of India’s cryptocurrency industry through an RBI banking ban which has led to the shutdown of prominent Indian businesses such as Zebpay and Koinex.
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