Blockchain technology has been the topic of conversation among high-ranking government officials and the heads of almost every single central bank around the globe.
In a speech given in Mumbai at the Mint Annual Banking Conclave on the theme of “Disruption, Innovation and Competition”, Subhash Sheoratan Mundra, the Deputy Governor of the Reserve Bank of India, mentioned distributed ledgers and the challenges that this new technology will impose on India’s financial system.
Mundra explains in his speech:
“For the uninitiated, ‘distributed ledger’ allows a payment system to operate in an entirely decentralized way, without intermediaries such as banks.”
The deputy governor urged the financial establishment to begin investigating distributed ledgers and blockchains, or at least seek partnerships with FinTech companies/groups that have expertise in the matter, “The banks would need to either develop own capability or seek proper alliances.” said Mundra.
Mundra, in his speech, also pointed out that US financial giants such as Goldman Sachs and JPMorgan have already established groups to deal exclusively with investigating how to apply distributed ledgers in the financial system.
He concluded by urging the Indian banking establishment to take blockchain tech very seriously and to follow the example set by Goldman and JP Morgan.
“Is it not the time for the Indian banking system to wake up to this possibility?”
Image credit: 1
If you liked this article follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin and altcoin price analysis and the latest cryptocurrency news.
The cryptocurrency world has always been a hotbed of innovation, attracting both seasoned investors and…
Dogecoin's 2021 rally was a historic one, turning ordinary investors into overnight millionaires. This magnificent…
The crypto market is always evolving, with big names like Bitcoin and Ethereum leading the…
The crypto market is ablaze with excitement as altcoins like XRP and BNB make major…
Rollblock is quickly becoming the best crypto presale to buy, delivering unmatched value for its…
While Rollblock's continues its crypto presale, with its value increasing regularly, Polkadot (DOT) and Uniswap…