RBI Will Have Its Own Cryptocurrency – Lakshmi
RBI’s cryptocurrency could be a part of creating its own Blockchain, a distributed digital ledger and technology that supports cryptocurrencies.
State Bank of India has taken the lead in bringing lenders and tech companies together for using Blockchain technology. Probably to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks’ loan book. The SBI’s initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 commercial banks.
Countries Globally Using There Respective Cryptocurrency
The People’s Bank of China has done trial runs of its prototype cryptocurrency, taking it a step closer to being the first major central bank to issue digital money, according to a Bloomberg report. The Bank of Japan and the European Central Bank have launched a joint research project which studies the possible use of Blockchain.
The Dutch central bank has created its own cryptocurrency for internal circulation just to better understand how it works, says the report. Ben Bernanke, the former chairman of the US Federal Reserve who has said digital currencies show “long term promise,” will be the keynote speaker at a blockchain and banking conference in October hosted by Ripple, the startup behind the fourth largest digital currency.