The Reserve Bank of India is about to launch a banking platform based on blockchain technology.
Director of the Institute for Development and Research in Banking Technology, AS Ramasastri announced at a recent awards event that “we will be launching the platform very soon”.
The blockchain platform could be the first of many new tech offerings from the central bank.
The announcement comes at a time when many central banks are reviewing the potential of blockchain technology, including its use as banking infrastructure and for settling payments securely and cost-effectively.
India will overtake China as the leading adopter of Fintech services. The report, the EY Fintech Adoption Index 2017, places China at the top of its list with an adoption rate of 69% compared to second-placed India at 52% but it goers on to suggest that as global adoption increases to a rate of 52%, India’s share of the adoption will increase to 80% compared to China’s 77%.