They may seem to not like Bitcoin but this doesn’t mean the RBI bank has set aside the whole idea of digital currency alternatives.
According to a the Economic Times, RBI is planning to get in the cryptocurrency business with Lakshmi Coin which can be assumed as their version of Bitcoin.
If made possible, Lakshmi Coin could become a digital currency alternative in India and also contribute to a new Blockchain.
SBI, the government-run bank, is sourcing tenders and contacting companies to make them a part of a Blockchain. It could be used to share information among partners through a centralized registry which could be accessed by every partner and where every event is registered as an unalterable ‘block’.
For their initiative called Bankchain, currently, SBI has partnered with IBM, Microsoft, Skylark, KPMG and ten different banks.
It can be the fact that banks find it hard to develop trust in the cryptocurrencies, but they do realize their current performance and potential in the future.