The Reserve Bank of India (RBI) announced the development of a blockchain-based banking platform. The launch of the platform should take place as early as next year.
It is reported that the platform, the development of which has become part of the blockchain research program, will be presented later this year. It will support various applications, but will only be used by banking institutions.
Note that the authorities are not too friendly to cryptocurrency. In April, the Indian regulator banned testing of cryptocurrency-related products and solutions in its sandbox. In addition, at the end of April, there were even rumors of a total ban on cryptocurrency in the country.
Against this background, the development of a blockchain platform by the Central Bank of India may signal a softening of regulation in the country. Of course, so far we are talking only about the platform, but in the future, perhaps, the attitude towards cryptocurrency will become more friendly.