In line with a recent published by a native source ‘Financial Express’, IDRBT – [Indian Institute for Development and Research in Banking Technology] has revealed a blueprint on blockchain implementation within the banking sector in India.
IDRBT was formed by the Indian’s Central Bank – RBI ‘Reserve Bank Of India’ in 1996 so as to conduct analysis and experiments within the banking sector. The organization is reportedly operating with the Indian government, banks and other business players to make a practical blockchain platform.
Since there’s no practical regulation for the blockchain ecosystem in the country [India], the blueprint supposedly presents a roadmap on the technology’s adoption in several areas and offers to determine protocols that may permit monetary establishments to interact via a decentralized platforms.
Former Deputy Governor of RBI named ‘R Gandhi’ aforesaid that the banking and monetary sector is at risk of a lot more cybersecurity risks because of the “increased use of everyday evolving, refining, and sophisticated technologies… expanding use of mobile technologies by customers, as well as the growth in IoT [Internet Of Things] along with the heightened cross-border data security breaches.”
As per the ‘report‘, the road map conjointly describes a built-in mechanism for restrictive monitoring of the blockchain phase. In line with IRDBT, this can contribute to the mass adoption of the technology in the upcoming days .
The Indian government has hinted a mixed and typically hostile approach to crypto-related technologies in 2018. Whereas RBI formally stopped all banks from dealing with cryptocurrencies in Apr. last year and a government panel ‘reportedly‘ thought-about a complete ban, the RBI also thought-about plans to launch a rupee-pegged digital currency.
Later that month, Indian police within the state of J&K [Jammu And Kashmir] issued a warning on the ‘associated risks‘ with investment in cryptocurrencies, reminding the general public that they’re not regulated by the govt. Moreover, Indian ‘Digibank’ allegedly closed many accounts associated with crypto activities, whereas Kotak Mahindra Bank, India’s 2nd largest private bank by market capitalization, reportedly imposed crypto restrictions.