Reserve Bank of India calls on banks to study blockchain

Announcements | July 26, 2016 By:

Reserve Bank of India (RBI) proposed to local banks to study blockchain applications.

In a speech during an event at the Institute for Development and Research in Banking Technology (IDRBT) on 19th July, Deputy Governor Rama Gandhi said banks should work to develop applications for digital currencies and distributed ledgers.

“Cloud-based computing, blockchain processing technologies and virtualization of IT systems are a few examples which hold potential for being used in a big way … Banks and IDRBT can work together to study these, test them out and adapt for best use,” said Gandhi.

The Reserve Bank of India has been investigating applications of the technology, including the possible issuance of its own digital currency, since as early as 2014, according to reports at the time.