Central bank of India: blockchain can help avoid bank fraud

A top RBI official believes that, if blockchain had been implemented, a multi-million-dollar scam perpetrated in India by a diamond merchant would not have been possible

The deputy governor of the central bank of India, Usha Thorat, has stated that blockchain technology has the potential to prevent bank fraud.

It could, for instance, have helped stop a multi-million-dollar fraud committed by diamond merchant Nirav Modi, who allegedly ripped off the Punjab National Bank (PNB).

Yes to blockchain, no to crypto

The government of India this year announced that Bitcoin and altcoins would not be considered as legal currency, although an RBI official is apparently experimenting with a central bank crypto. However, India has embraced blockchain technology.

Various local governments in the country are already experimenting with the blockchain, including an initiative called India Chain for the digital economy.

In Telangana, Andhra Pradesh, Maharashtra, Goa and Uttar Pradesh blockchain is used for land record registration.

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