One of the Reserve Bank of India's deputy governors has encouraged local banks to work with a research outfit previously established by the central bank on blockchain projects.
He told event attendees:
AsiaCentral BankIndiaReserve Bank of India
Central bank governor Raghuram Rajan said later that year that the institution could release its own digital currency, but that such an issuance could take years to undertake if attempted.
Image Credit: Joe Ravi / Shutterstock.com
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.
The speech focused on banking technology more broadly, but according to Gandhi, the IDRBT is an effective means to test possible applications.
Gandhi has spoken on the topic in the past, arguing last summer that digital currencies can fuel money laundering efforts during a banking event in India. Deputy governor Subhash Sheoratan Mundra said at the same event that financial institutions should collaborate on use cases.
"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."
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.
Binance Secures New Funding From Vertex Ventures
Correction: This article has been corrected to note that Temasek Holdings did not play a role in the investment, as was initially reported. Vertex Ventures is a limited partner with Temasek.
Bitfinex Is Publishing Data for a Tether Market That Doesn't Exist
Pop over to CoinMarketCap and check Bitfinex's page.
You'll see that the trading pair with the second-highest volume on the exchange over the past 24 hours – nearly $48 million at the time of writi
Coinbase Approved to Offer Crypto Custody Services in New York
Coinbase has received approval from New York regulators to form a qualified custodial firm for cryptocurrencies.
The New York Department of Financial Services (NYDFS) said Tuesday that it granted C
Elon Musk Sparks Speculation With Cryptic Crypto Tweet
Elon Musk, the founder of SpaceX and Tesla, just made a mysterious tweet about bitcoin that's whipping up speculation across social media and the cryptocurrency community that it may be more than just
Coinbase Adds Its First Stablecoin Tied to the US Dollar
Crypto exchange Coinbase announced support for the Circle-issued stablecoin Tuesday.
In a blog post, the exchange said U.S. customers outside the state of New York can now buy, sell, send and recei
Australian Government Agency Says Blockchain 'Interesting' But Hyped
The Australian government agency dedicated to streamlining the country's IT operations has called blockchain "interesting," but said it is hyped by firms working with the tech.
The chief digital of
Japan's SBI Group Is Building a New Crypto Exchange Wallet
Japanese financial services giant SBI Group has partnered with a blockchain security startup to develop a digital wallet for its recently launched cryptorrency exchange.
The Denmark-based startup,
New SEC Commissioner Briefed on Bitcoin ETF in October Meeting
The newest commissioner with the U.S. Securities and Exchange Commission met with representatives from money manager VanEck and blockchain startup SolidX earlier this month to discuss a bitcoin-based