India’s central bank research group plans blockchain platform launch

A research group founded by the central bank of India has announced its intention to launch a new block chain platform.

According to a report by The Hindu Business Line, the project was announced on Friday at an event in which the director of the Institute for Development and Research on Banking Technology (IDRBT) AS Ramasastri announced that “it will launch the platform very soon”.

The Institute for Banking Technology Development and Research (IDRBT), founded in the 1990s by the Reserve Bank of India (RBI), is seeking to create a range of technology related banking services, the announcement comes at a time when many central banks are exploring the potential of block-chain technology, including its use as a banking infrastructure and to regulate payments securely and more cost-effectively, the block chain platform could be the first of many new central bank technology offerings.

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