Reserve Bank of India studies blockchain technology for trading

Rage Comment : HR Khan, Deputy Governor of the Reserve Bank of India (RBI), said at an event organized by the Institute for Development and Research in Banking Technology (IDRBT) that blockchain technology can reduce the use of paper money, not only effectively reducing the cost of copying, transportation and maintenance of circulating paper money, but also effectively combating the illegal practice of counterfeiting paper money in India. The unlimited potential of blockchain technology will allow many RBI, IDRBT officials and industry personnel to have a deep understanding of this matter. India has also begun to put the application of blockchain technology in financial activities on the agenda.

Translation: Nicole

The Reserve Bank of India (RBI) is continuing to study blockchain technology after discussing it in December 2015, according to The Times of India.

On Friday, RBI Deputy Governor HR Khan said the bank will set up a committee to study blockchain technology as a way to reduce the use of paper currency.

HR Khan

Speaking to reporters at an event organized by the Institute for Development and Research in Banking Technology (IDRBT), Khan said:

"Blockchain comes from Bitcoin and can make financial transactions more flexible. Therefore, we need to study how blockchain technology can be applied to financial transactions to make the entire data system more complete."

“There are many RBI, IDRBT officials and industry personnel who will take a closer look at this. Blockchain technology has unlimited potential.”

The announcement was made at an event organized by the Institute for Development and Research in Banking Technology (IDRBT). By reducing the use of paper currency, the RBI can not only effectively reduce the cost of copying, transportation and maintenance of currency notes in circulation, but also effectively combat the illegal practice of counterfeiting currency notes in India.