The RBI is already looking at the brave new world of crypto-currency. The popularity of Bitcoin may have encouraged the central bank to consider its own crypto-currency since it is not comfortable with this non-fiat currency. A group of experts at RBI is examining the possibility of a fiat crypto currency, which would become an alternative to the Indian rupee for digital transactions.
RBI's crypto-currency could be a part of creating its own blockchain, a distributed digital ledger and technology that supports crypto currencies. State Bank of India has taken the lead in bringing lenders and tech companies together for using Blockchain technology to share information among banks which will eventually help prevent frauds and tackle bad loans which are almost one-fifth of banks' loan book. The SBI's initiative, christened Bankchain, is in partnership with IBM, Microsoft, Skylark ..
