It seems that demonetization is not India's latest experiment with currency. The Reserve Bank of India (RBI) is now looking at the brave new world of cryptocurrency.
The success of Bitcoin, popular crypto currency, may have encouraged the central bank to consider its own crypto currency, as it is not convenient with this fiat currency, as suggested by RBI Managing Director Sudarshan Sen.
Despite RBI's call for caution against people using virtual currencies, a domestic Bitcoin stock market said it had added over 2,500 users per day and had reached five Lakh downloads. The company, which was launched in 2015.
A group of experts at RBI investigate the possibility of a Fiat crypto currency that would become an alternative to the Indian rupee for digital transactions.
According to a media report, RBI's own bitcoin can be called Lakshmi after the Hindu goddess of wealth. RBI's cryptocurrency could be a part of creating its own blockchain.
The State Bank of India has taken the lead to bring together lenders and tech companies to use the blockchain technology to share information between banks that ultimately help to avoid fraud and to address bad credit that is almost a fifth of the total Credit institutions of the banks. SBI's initiative, which has been baptized by Bankchain, is in partnership with IBM, Microsoft, Skylark, KPMG and 10 business banks.
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