Finance Minister Nirmala Sitharaman stated in a written reply to the Rajya Sabha on December 13 that the union government has no plans to create guidelines or a common blockchain technology platform for Indian banks.
According to Sitharaman, who cited data from the Indian Banks Association, only a few banks are currently using blockchain technology, and only on a small scale. The RBI is advising banks on developing blockchain-based applications through its Regulatory Sandbox initiative, according to the minister. She recently stated that Web3.0 utilities like blockchain have the potential to change the way financial data is handled.
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Finance Minister Nirmala Sitharaman stated in a written reply to the Rajya Sabha on December 13 that the union government has no plans to create guidelines or a common blockchain technology platform for Indian banks.
According to Sitharaman, who cited data from the Indian Banks Association, only a few banks are currently using blockchain technology, and only on a small scale. The RBI is advising banks on developing blockchain-based applications through its Regulatory Sandbox initiative, according to the minister. She recently stated that Web3.0 utilities like blockchain have the potential to change the way financial data is handled.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
