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Reserve Bank of India Developing Blockchain Banking Platform


Reserve Bank of India Developing Blockchain Banking Platform

The Reserve Bank of India has announced that it is working on a blockchain platform for banking, which is scheduled to roll out some time within a year

The Reserve Bank of India (RBI) is developing a blockchain platform for banking in its R&D branch, according to a report by BusinessLine on June 28

The blockchain platform will reportedly host a number of blockchain applications, and is slated to launch next year. This model platform is reportedly being designed to serve banks; according to the director of The Institute for Development and Research in Banking Technology, RBI’s R&D branch, the platform is “for blockchain applications for the government in banking.”

While RBI appears to be moving into the blockchain industry, it has historically not been keen on cryptocurrencies. In April, the RBI specified that cryptocurrency projects, including initial coin offerings (ICOs) and cryptocurrency exchanges, would not be permitted in its regulatory sandbox project, unlike blockchain tech.

In June, The Economic Times additionally reported that social media giant Facebook is not attempting to register its upcoming virtual currency Libra with the RBI, possibly due to the banks ban on serving cryptocurrency-related business.

As previously reported by Cointelegraph, banks in South Korea are also exploring blockchain tech, while remaining averse to cryptocurrency adoption. The South Korean government likewise does not permit ICOs in the country.

Korean crypto influence Hyun-sik ‘Soso’ Choi has commented on the state of blockchain and crypto in South Korea, saying:

“Korean banks are jumping into the blockchain field. While this proves there is huge interest in the technology from traditional finance, all the attempts are on the tech side. They are ignoring the cryptocurrency part.”

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