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RBI Is Developing Blockchain Platform For Banking In Its’ R&D’ Branch – India.

In line with a recent report by ‘BusinessLine’, RBI – The Reserve Bank of ‘India‘ is developing a ‘blockchain‘ platform for banking in its’ R&D’ branch.

The blockchain platform is expected to reportedly host a variety of blockchain based applications, and is scheduled to launch by next year. This upcoming model platform is reportedly being designed to serve banks; per the director of The Institute for Development and Research in Banking Technology, RBI’s R&D branch, the platform is “for blockchain applications for the govt. in banking.”

While it seems like RBI is gradually entering into the blockchain industry, it has traditionally not been keen on cryptocurrencies. Earlier in April, the RBI ‘outlined‘ that cryptocurrency assets, together with ICOs [Initial Coin Offerings] as well as cryptocurrency exchanges, wouldn’t be allowed within its regulatory sandbox project, unlike the blockchain technology.

Earlier this month, The Economic Times also ‘revealed‘ that the leading social media giant ‘Facebook’ isn’t attempting to register its upcoming digital currency project named ‘Libra’ with the RBI, presumably due to the banking ban imposed on serving cryptocurrency-related business within the country.

As reported earlier, banks within South Korea are also exploring ‘blockchain‘ technology, whereas remaining negative towards the adoption of ‘crypto‘ assets. The South Korean government likewise doesn’t allow ICOs within the country.

Korean crypto influence Hyun-sik ‘Soso’ Choi has commented on the state of blockchain & cryptocurrencies, adding:

“Korean banks are jumping into the blockchain field. Whereas this proves there’s  a huge interest in the technology from the traditional finance system, all the attempts follow the tech aspect. They’re ignoring the cryptocurrency part.”

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