RBI encourages Indian Banks to embrace blockchain technology

Recently, Deputy Governor Rama Gandhi delivered a speech at Institute for Development and Research in Banking Technology (IDRBT) agreeing that banks should work to develop applications for digital currencies and distributed ledgers.

The speech focused on banking technology more broadly, but according to Gandhi, the IDRBT is an effective means to test possible applications, according to coindesk.com. Despite making this statement, in 2015 Gandhi had a different opinion during a banking event in India saying that digital currencies can fuel money laundering efforts, the site continues.

RBI has been exanimating blockchain technology applications, including the possible issuance of its own digital currency, since early 2014, according to reports at the time.