The Reserve Bank of India (RBI) announced about the of a banking platform based on blockchain technology. The release of the platform is planned to take place in the coming year.
Director of IDRBT Dr. A. S. Ramasastri told BusinessLine:
“We have been working on a model platform for blockchain applications for the government in banking. It will be documented and developed next year.”
It is stated that the blockchain-based platform, the creation of which has become part of the blockchain research program, will be presented later this year. It will support various applications, but will only be used by banking institutions.
Although Reserve Bank of India seems to be moving into the blockchain industry, however, previously it has not been too friendly to crypto coins. In April, the Indian regulator banned testing of crypto-related products and solutions in its sandbox. Moreover, at the end of April, there were even rumors of a total ban on crypto-assets in the country.
Nevertheless, the creation of a blockchain platform by the RBI can be a sign of the regulation softening in the country. Of course, so far we are talking only about the platform, but in the future, perhaps, the attitude towards cryptocurrency will become more friendly.