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RBI Deputy Governor: Massive Disruption Is Possible Based On The Technology Using Blockchain
Along with major banks and tech companies increasingly taking interest in blockchain and distributed ledger technologies, government authorities and agencies are also looking at the technology to explore relevant use cases.
In a recent speech, S. S. Mundra, Deputy Governor, Reserve Bank of India (RBI), spoke on “Disruption, Innovation and Competition” at the Mint Annual Banking Conclave held on February 4, 2016, CoinDesk reported.
Among other things, Mundra pointed out that the Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, has already started consultations on developing better understanding of the intricacies involved in the blockchain technology.
“A massive disruption is possible based on the technology using Block Chain which would make distributed ledger possible”, he said.
Mundra further said that the banks would need to either develop own capability or seek proper alliances – pointing out that Goldman Sachs, J P Morgan Chase have set up internal groups to work in this area.
“I say this, however, with a caveat that we or rather the global regulatory community elsewhere have not taken a final stance on the use of distributed ledger technology”, he added.
The Reserve Bank of India has recently started appreciating the strengths of blockchain technology, after years of maintaining a cautious stance. In December, India’s prestigious newspaper The Times of India reported RBI’s statement:
"With its potential to fight counterfeiting, the 'blockchain' is likely to bring about a major transformation in the functioning of financial markets, collateral identification (land records for instance) and payments system”.