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    Thursday, July 18, 2024

      Banks to Gear for Blockchain Future as India Awaits Crypto Rules : RBI Deputy Governor

      Deputy Governor of the Reserve Bank of India (RBI), Mahesh Kumar Jain has predict that technologies like blockchain and Artificial Intelligence (AI) would be part of the future of finance.

      The RBI recently met with the directors of Indian banks.

      The aim of this meeting was to address concerns and risk mitigation measures that India must be ready for in the future.

      The up-and-coming blockchain technology is the underlying system that supports cryptocurrencies, NFTs, and the overall Web3 sector.

      Linking AI and blockchain to existing financial systems, the RBI official said, is essential to ensure the growth and stability of India’s digital finance sector.

      Mahesh Kumar Jain said :

      “Indian banks will need to focus on digital transformation, enhance customer experience, adopt innovative technologies such as AI and blockchain, invest in cybersecurity measures, look for opportunities to derive synergistic benefits through collaboration with other players as well as upskilling their workforce to meet the demands of the digital era,”.

      The development comes just days after a Coindesk report claim that Indian crypto exchanges were in “survival mode” right now.

      Citing sources from CoinDCX, CoinSwitch, WazirX, BuyUCoin, ZebPay, and Giottus, the report claim Indian exchanges see their runways ranging from 21 months to four years before they land into a bull market.

      The Unocoin chief listed patchy policies, hack attacks on Web3 platforms, and resistance from traditional finance as factors that may delay the projected four-year trajectory, which may vary depending on the perspectives of industry insiders.

      India’s CoinDCX exchange also emphasise that it is prioritising tech development in order to keep its services up to date and relevant for the users.

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      As for now, the RBI governor has ask banks to prioritise risk management, regulatory compliance, and sustainability solutions to ensure long-term resilience in the banking ecosystem.

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