Plan On Blockchain Implementation In Indian Banking Sector Is Created
The Institute for the Development and Research in Banking Technology of India (IDRBT) announced a plan on blockchain introduction into the country's banking organizations, The Financial Express reports.
IDRBT was opened in 1996 by the decision of the Central Bank of India to carry out experimental and research activities in the banking institutions of the country. The research institute closely cooperates with the government of India and all participants in the financial industry. One of the main tasks of the institute is to create a single compatible platform based on blockchain technology.
There is currently no regulation of distributed ledger technology in India, so the IDRBT project proposes a roadmap for the technology implementation in some areas with the development of protocols, on the basis of which Indian banking organizations will interact with each other.
R Gandhi, ex-deputy head of the Indian Central Bank, is concerned that the financial sector is subject to risks in the field of cybersecurity. He stressed that new mobile technologies are becoming more and more widespread in the modern world; therefore, it is necessary to pay increased attention to global information threats.
The roadmap of the research institute envisages a mechanism for monitoring the blockchain sphere by regulatory organizations. In the opinion of the IRDBT staff, this will help to make the most use of the technology.
As previously reported, the Reserve Bank of India decided to suspend a plan to create its own cryptocurrency.