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Friday, October 22, 2021
Home News Reserve Bank of India Backs Blockchain After Warning About Bitcoin in 2013

Reserve Bank of India Backs Blockchain After Warning About Bitcoin in 2013

The Reserve Bank of India (RBI) released a statement this week that they are keen on Blockchain technology, focussing on the ability of the technology to combat counterfeit currency which is rampant in India.

“With its potential to fight counterfeiting, the ‘blockchain’ is likely to bring about a major transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system,” said the RBI.

The central bank pointed out that the traditional system of record maintenance works on the basis of ‘trust’ and the ‘regulatory’ and ‘controlling’ power of central entities and counter-parties. 

“As against this, the ‘blockchain’ technology is based on a shared, secured and public ledger system, which is not controlled by any single (‘central’) user and is maintained collectively by all the participants in the system based on a set of generally agreed and strictly applied rules,” the RBI said.

in 2013,  the RBI warned Indian citizens against the use of digital currencies and it issued a note of caution that focused on potential dangers concerning financial, operational, legal, customer protection as well as security-related risks entailed by the use of Bitcoin.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
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