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Monday, September 27, 2021
Home News Reserve Bank of India (RBI) To Research Blockchain Technology

Reserve Bank of India (RBI) To Research Blockchain Technology

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 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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