Reserve Bank of India (RBI) To Research Blockchain Technology

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According to The Times of India, the Reserve Bank of India (RBI) is continuing its research with Blockchain technology since it last discussed the subject back in December of 2015.

RBI deputy governor H.R. Khan on Friday said the bank will soon set up a committee to study the use of ‘Blockchain’ technology to reduce the use of paper currency.

“Blockchain is one thing that has come out of Bitcoin which provides a lot of flexibility in terms of financial transactions. So, we need to study… how this Blockchain technology can be used in financial transactions where the entire data systems move to some more levels,” Khan told reporters at an event organised by the Institute for Development and Research in Banking Technology (IDRBT).

“We have a group of officials from RBI, IDRBT and industry people which will look into this. There is a tremendous potential (in Blockchain technology).”

The announcement was made at a press conference organized during an event organized by the Institute for Development and Research in Banking Technology (IDRBT). By reducing the usage of paper currency, the Reserve bank of India will not only be able to reduce the costs associated with printing, transport and maintenance of the currency notes in circulation but it will also be able to effectively combat counterfeiting of Indian currency notes.

Richard Kastelein

About Richard Kastelein

Founder, Publisher and Editor in Chief of Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC, Richard Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

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