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.”
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.
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.
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