Indian Central Bank Develops Blockchain Platform for Banking

Asia Blockchain Review
July 13, 2019

India’s central bank, the Reserve Bank of India (RBI), has been developing a blockchain-based banking platform at its research and development (R&D) branch, with a launch slated for 2020.

As reported by Cointelegraph, the model platform is being designed for the purpose of serving banks. According to the director of the R&D branch, the Institute for Development and Research in Banking Technology (IDRBT), the platform is intended for “blockchain applications for the government in banking.”

RBI Keeps Crypto at Arm’s Length Amid Blockchain Push

Even as the RBI makes moves into the blockchain space, however, it has been less willing to embrace cryptocurrencies. This reluctance was further underscored in April when the central bank specified that projects such as crypto exchanges and initial coin offerings (ICOs) would – unlike blockchain – not be allowed within the regulatory sandbox project.

It was reported in June that social media giant Facebook would not attempt to register its upcoming virtual currency Libra with the RBI, possibly owing to the institution’s ongoing ban on crypto-related businesses.

South Korea is Also Exploring Blockchain without Crypto

Banks in South Korea have also been exploring blockchain technology while similarly remaining averse to crypto adoption and not permitting ICOs in the country.

South Korean crypto influencer Hyun-sik Choi has remarked on the state of blockchain and cryptocurrency in the country, saying domestic banks are getting into the blockchain field. He added that while this proves there is still substantial interest in the technology from traditional financial sectors, all attempts rely on the tech side while ignoring the crypto component. 


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us