CoinDesk Analysis Team
CoinDesk
The Reserve Bank of India (RBI) is looking to develop a proof-of-concept blockchain project focused on trade financing, alongside multiple top Indian banks, the Economic Times reported on Thursday.
-
HDFC Bank (HDFCBANK), ICICI Bank (ICICIBANK) and State Bank of India (SBIN) are among the banks participating in the project designed to tackle loan fraud. the report said.
-
The project will aim to prevent the tampering of documents like Letters of Credits (LC) by issuing digital versions of them. Digital documents could prevent frauds likes the ones committed by Nirav Modi and Mehul Choksi, in which billions of rupees were siphoned.
-
The central bank wishes to make blockchain technology a part of its core banking system and will use this project as a means of demonstrating that the concept has real-world use.
-
IBM (IBM), Corda Technologies and Belgium-based SettleMint are providing technological support for the project, the report said citing people with knowledge of the matter.
-
India's central bank is known for its anti-crypto stance, though Governor Shaktikanta Das has previously said that blockchain technology can thrive without cryptocurrencies.
-
The RBI did not immediately respond to CoinDesk's request for comment.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
Bitcoin: On the road to $60,000
Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.