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Blockchain-based banking platform to be built by RBI

According to sources, a blockchain-empowered banking platform is to be built by the Reserve Bank of India (RBI). This platform will be for the use of bank officials only.

Reports suggests that this launch will take place in and around 2020 and it will be designed to serve public as well as private sector Indian banks.

The development of banking related applications will also be supported by this.

For the industry, the decision taken by RBI to leverage blockchain technology has come up as a surprise, bearing in mind the draft proposal made by the Indian government to ban cryptocurrency and regulate digital currencies.

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