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The Reserve Bank of India (RBI) has informed that Blockchain Technology (BCT) is one of many promising technologies and its usefulness will depend on how it is adopted and adapted to a wide array of uses. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in a written r
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FAQ :
The RBI considers Blockchain Technology (BCT) to be one of many promising technologies, with its usefulness dependent on adoption and adaptation.
The statement was made by Union Minister of State for Finance, Dr Bhagwat Kisanrao Karad, in a written reply in the Rajya Sabha.
Yes, BCT is listed as an innovative technology, and innovators can apply to test their products in the RBI's sandbox environment.
No, the RBI's Regulatory Sandbox has not yet identified specific areas for the use of BCT for Indian banks.
Yes, participating entities have tested certain blockchain-based applications under the Cross Border Payments theme of the RBI's Regulatory Sandbox.
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