RBI to study Blockchain technology to curtail paper currency

[BTCIndia]

Reserve Bank of India deputy governor H R Khan on Friday said the central bank may soon set up a committee to study the use of 'Blockchain' technology to reduce the use of paper currency.

http://timesofindia.indiatimes.com/business/india-business/RBI-to-study-Blockchain-technology-to-curtail-paper-currency/articleshow/52906383.cms

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[Divinespark]

This is encouraging news, but it would be great if the Indian government could finally end the legal ambiguity around BTC and how it will be taxed as well. Blockchain tech minus BTC is such a fad now!

[erikalui]

So they'll create their own crypto currency based on blockchain technology? If yes, then it would be an advantage to use their crypto currency instead of cash. They'll surely have taxes same as that charged for INR but it can never replace bitcoins.

[polynesia]

Extensively covered by other publications as well.

http://www.business-standard.com/article/pti-stories/rbi-to-study-blockchain-technology-to-curtail-paper-currency-116062401292_1.html
http://www.livemint.com/Politics/0Ie2NO4WLcJUT8sL3FctUN/RBI-to-study-Blockchain-technology-to-curtail-paper-currency.html
http://www.thehindu.com/news/cities/Hyderabad/expert-group-to-study-benefits-of-blockchain-technology-for-banks/article8771508.ece
http://www.moneycontrol.com/news/economy/rbi-to-study-blockchain-technology-to-curtail-paper-currency_6927981.html

[pavan@hosur]

If they use a block chain concept in Indian banking system then India I'll not be poor ... Here after no scams \no black money all peoples I'll pay tax lots of advantage's is there..  I dono abt disadvantages

[philiveyjr]

We definitely need the blockchain technology for more transparency and preventing corruption in the system. Curtailing paper currency shouldn't be their priority to study blockchain tech.

[Digitalbitcoin]

Cryptography with collaboration in blockchain gives value of currency to Bitcoin. Actually cryptography has no use in general. Thats why major bank interested in testing blockchain possibilities in future worldwide.

Also as India is democratic country so in future election also can held with cryptography.

[skang]

Actually cryptography has no use in general.

Actually the exact opposite of this. Currently most the blockchain projects by banks(private chains, federated systems, etc.) are actually just applied cryptography over a database.
Moreover, any system without PoW is just applied cryptography.

[dashingriddler]

Huh.. They as well are missing the point.

[dashingriddler]

Actually cryptography has no use in general.

Actually the exact opposite of this. Currently most the blockchain projects by banks(private chains, federated systems, etc.) are actually just applied cryptography over a database.
Moreover, any system without PoW is just applied cryptography.

+1

[Digitalbitcoin]

Actually cryptography has no use in general.

Actually the exact opposite of this. Currently most the blockchain projects by banks(private chains, federated systems, etc.) are actually just applied cryptography over a database.
Moreover, any system without PoW is just applied cryptography.

Well caught. I have miss word there "Independently".
And
Sentence will be "Actually cryptography has no use in general independently. "

[skang]

Actually cryptography has no use in general.

Actually the exact opposite of this. Currently most the blockchain projects by banks(private chains, federated systems, etc.) are actually just applied cryptography over a database.
Moreover, any system without PoW is just applied cryptography.

Well caught. I have miss word there "Independently".
And
Sentence will be "Actually cryptography has no use in general independently. "

I cannot imagine how cryptography can be independent, as crypto only makes sense in case of a network & on some information.
Cryptography+networking+datastructure is what is called applied cryptography.