Blockchain

Central bank of India: blockchain can help avoid bank fraud

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.

India ban brings crypto exchanges to grinding halt

By – October 16, 2018

Olivier Acuña

Olivier has been writing for over 30 years. He has been based in six countries working for major news outlets including the Guardian, UPI & AP. He has covered massive earthquakes, presidential elections, immigration, and taken photos standing in the middle of shootouts between drug cartels, gone undercover to investigate organised crime, interviewed presidents, former presidents, heads of international organisations.