As India Goes Cashless, its Central Bank Researches Blockchain

bitcoin |

Could blockchain tech take India cashless?As India’s government pushes ahead with a controversial plan to move the country away from physical cash, a group of researchers backed by its central bank has called for an investigation into how blockchain could achieve that goal.The Institute for Development and Research in Banking Technology (IDRBT) was founded in the 1990s by the Reserve Bank of India (RBI), and last week, it released its first major white paper focused on blockchain (which includes details of a test related to trade finance applications).In addition to providing a broad overview of the tech’s mechanics and potential uses in the Indian banking sector, the white paper posits that the time is right to begin assessing how the rupee, India’s national currency, could be digitized through the use of a distributed ledger.The Indian government, led by Prime Minister... read full article »