BIMTECH Rolls Out BIMCOIN: India’s First Blockchain-Powered Campus Currency

Noida-based Birla Institute of Management Technology (BIMTECH) has introduced a new blockchain-based digital currency, BIMCOIN, reported India Today. And, that’s a bold leap into the future of campus life! BIMTECH’s launch of BIMCOIN marks India’s first blockchain-based campus currency, and it’s more than just a digital wallet for canteen snacks.

Built on a permissioned blockchain, BIMCOIN ensures secure, transparent, and decentralized transactions among students, vendors, and administrators. Over 1,100 transactions were completed during its pilot phase, ironing out onboarding and tech integration challenges through iterative testing.

But here’s the kicker: BIMCOIN isn’t just a payment tool—it’s an educational instrument. BIMTECH is integrating blockchain and fintech into its curriculum, giving students hands-on experience with smart contracts and digital. It’s a clever way to blend theory with real-world application, especially as India ramps up its digital economy ambitions.

Notably, BIMTECH isn’t alone in exploring blockchain-powered digital currencies within academia. A few notable examples from around the world include MIT's Digital Currency Initiative (USA). Through its Digital Currency Initiative (DCI), MIT has explored blockchain applications including campus-based micropayments and identity systems. While not a formal currency like BIMCOIN, it’s a hub for blockchain experimentation.

University of Nicosia (Cyprus), a pioneer in blockchain education, was the first university globally to accept Bitcoin for tuition and launched a Master’s in Blockchain and Digital Currency back in 2014. While not a campus currency per se, it laid the groundwork for crypto integration in education.

While BIMTECH’s BIMCOIN is among fully deployed as a live, blockchain-based campus currency, these global institutions are actively experimenting with similar ideas—often as part of broader fintech and blockchain innovation ecosystems.

With BIMCOIN, BIMTECH becomes the first business school in India to implement such a system. It’s designed to facilitate secure, transparent, and instant transactions within the campus ecosystem—covering students, vendors, and administrators.

Educational Purpose

Beyond payments, BIMCOIN is a learning tool. It gives students hands-on exposure to:

• Blockchain fundamentals
• Smart contracts
• Digital currency ecosystems

This aligns with BIMTECH’s broader goal to integrate blockchain and fintech into its curriculum, preparing students for careers in the digital economy.

Tech & Security

• Operates on a permissioned blockchain, ensuring decentralization with controlled access
• Backed by advanced encryption, data privacy protocols, and strict access controls

Pilot Phase Highlights

• Over 1,100 transactions completed during the pilot
• Iterative testing helped resolve onboarding and integration issues
• A close-net testing phase is underway before full campus rollout

Broader Vision

Inspired by India’s CBDC efforts and the Digital India mission, BIMCOIN is part of a larger push to embed real-world tech into academic life. BIMTECH is also setting up a Blockchain Learning Centre to deepen this engagement.

RBI to Test CBDC With Its Own Officials

The Reserve Bank of India (RBI) is planning to test its Central Bank Digital Currency (CBDC) by crediting a portion of allowances to the digital wallets of its officers reports Economic Times citing an internal communique to senior officials of the central bank.

The RBI internal communique dated December 27, said, “As a part of scaling up of CBDC retail pilot and to encourage the use of CBDC wallet by the officers of the bank (RBI), it has been decided to credit the reimbursement amount towards internet/data charges to the CBDC wallets of officers…”

A user manual for updating the CBDC wallets has been circulated. The testing phase involves various aspects such as security, transaction speed, and user experience to ensure a smooth rollout.

This move is part of a broader effort to explore the potential of CBDCs and understand how they can be integrated into the existing financial system.

The Reserve Bank of India (RBI) has been actively exploring the concept of a Central Bank Digital Currency (CBDC). Recently, there have been reports about RBI officials conducting tests to understand the potential impact and functionality of a CBDC in the Indian financial system.

These tests are part of a broader initiative to evaluate how a digital currency issued by the central bank could be integrated into the existing monetary framework. The RBI is considering various aspects, including the technological infrastructure, security measures, and the potential economic implications of introducing a CBDC.

TCS and Deeptech Co. Crunchfish Join Hands for Digital Currency (CBDC) Projects Around the World

Deeptech company Crunchfish and Indian IT giant Tata Consultancy Services (TCS) have recently formed an alliance agreement to enhance the Quartz solution for Central Bank Digital Currency (CBDC) projects.

The collaboration aims to provide offline payment capabilities for CBDCs, allowing cash-like functionality in digital form.

Crunchfish, a Swedish company specializing in digital cash solutions, has been listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden, and a subsidiary in India.

Together, Crunchfish and TCS will target Central Bank Digital Currency (CBDC) projects around the world where Crunchfish will augment the Quartz solution for CBDCs with offline payments capabilities. Developed by TCS, Quartz provides foundational technology, tools, and business components for CBDCs. It harnesses the power of next-gen technologies, including DLT (Distributed Ledger Technology) and AI/ML.

Quartz enables secure integration of CBDCs with data-intensive banking operations.

Crunchfish complements Quartz by providing device-agnostic trusted client applications for offline payments. These applications can be used in both CBDCs and commercial payment systems. Offline payment availability is crucial for CBDC projects.

The combined solution enhances both the backend and frontend of CBDC implementations. It ensures resilience, scalability, and security for CBDCs. Crunchfish and TCS will collaborate to offer this solution to central banks around the world, and other entities integrating CBDCs into their business landscape.

Several companies and organizations are actively involved in the development and exploration of Central Bank Digital Currencies (CBDCs).

China's digital yuan pilot is the largest in the world, reaching 260 million wallets across 25 cities. It has been used for various purposes, including transit, healthcare, and even purchasing crude oil.

The New York Federal Reserve has launched a Digital Dollar Pilot Program in collaboration with major banks and global payments provider Swift . Participants include BNY Mellon, Citi, HSBC, Mastercard, PNC Bank, TD Bank, Truist, U.S. Bank, and Wells Fargo.

BRICS founding members (Brazil, Russia, India, China, and South Africa) are exploring CBDCs. Several new members (Saudi Arabia, Iran, and the UAE) are also exploring cross-border wholesale CBDCs. Just a couple of month back, Iran has confirmed its collaboration with Russia on developing Central Bank Digital Currencies (CBDC) and tokenized assets for payments.

Mastercard, PayPal, Fiserv, and Stripe have weighed in on CBDCs, with their comments publicly available for viewing on the Fed's website.

The European Central Bank is actively preparing for the launch of the digital euro, conducting practical tests and settling transactions in a controlled environment.

Notably, CBDC development involves collaboration between governments, financial institutions, and tech companies. The landscape is dynamic, with ongoing exploration and pilots worldwide.

Iran and Russia Developing CBDC, Tokenized Assets for Payments for Cross-Border Transactions

Iran has confirmed its collaboration with Russia on developing Central Bank Digital Currencies (CBDC) and tokenized assets for payments. This initiative is part of their efforts to facilitate trade transactions and mitigate the impact of sanctions, as both countries are currently unable to use SWIFT for cross-border payments and have limitations on trading in dollars or euros.

The two nations are exploring the use of Iran's crypto-rial and Russia's digital ruble for bilateral trade. The move is seen as a way to simplify trade transactions and resolve issues related to fiat currency conversion rates, which can lead to significant business operation costs.

Due to US sanctions, Iran and Russia are unable to make settlements in Dollars and Euros, Russia and Iran have switched to the use of national currencies, said Maxim Chereshnev, chairman of the board of the Council for the Development of Foreign Trade and International Economic Relations. However, difficulties arise with conversion. And also due to the inconsistency of the market rate in Iran with the state. "Starting payments through CFA and digital currencies of central banks can simplify trading", Chereshnev said with surity.

The two countries have strengthened their economic ties, with Russia being one of Iran’s largest trading partners. Russia has invested in Iran’s energy sector, and the two countries have discussed cooperation in areas such as transportation and infrastructure development.

Russia has recently passed legislation allowing the use of digital financial assets (DFAs), such as tokenized gold, for cross-border payments, which is a shift from their previous stance where such assets were not permitted for payments. This change is aimed at circumventing sanctions and facilitating international trade between Russia and Iran.

The practical implementation of these digital currencies and assets is still under development, with cross-border CBDC settlements expected to be possible starting January 1, 2025, following the establishment of the necessary legal framework in Russia. This collaboration marks a significant step in the use of digital currencies in international trade, particularly among countries facing economic sanctions.

Experts say that, CBDCs can significantly improve the efficiency of cross-border payments by reducing the time it takes to process transactions. Traditional cross- border payments can take several days due to the involvement of multiple intermediaries, but CBDCs can streamline this process.

As of March 2024, there are a few countries that have functioning CBDCs and are exploring or using them for cross-border transactions.

The Bahamas, Jamaica, and Nigeria have functioning CBDCs. Moreover, the 5-Nations group – Brazil, Russia, India, China, and South Africa (BRICS), along with new members like Saudi Arabia, Iran, and the UAE, are in the pilot phase of CBDC exploration for cross-border wholesale transactions.

Australia and China are among the countries piloting use cases for their CBDCs, which may include cross-border transactions.

Additionally, SWIFT, the global provider of secure financial messaging services, has been working on solutions to enable financial institutions to incorporate CBDCs and other digital assets into common business practices, which includes cross-border transactions. This indicates a growing trend towards the adoption of CBDCs in international trade and finance.

RBI Commences 1st Pilot of Digital Rupee e₹

The Reserve Bank of India (RBI) today launches the digital rupee – e₹ – for the wholesale segment as part of its first pilot test programme to review and improve the currency’s functionality.

"The first pilot in the Digital Rupee - Wholesale segment (e₹-W) shall commence on November 1, 2022", said the press release by the RBI.

This first pilot in Digital Rupee - Retail segment (e₹-W) is in select locations in closed user groups comprising customers and merchants. The details regarding operationalisation of e₹-W pilot shall be communicated by the RBI in due course.

Nine banks — State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC have been identified for participation in the pilot.

The use case for this pilot is settlement of secondary market transactions in government securities.

Use of e₹-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk. Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot.

In early last month, RBI issued a concept note on central bank digital currency (CBDC), listing the risks and benefits of introducing these currencies.

CBDC is legal tender issued in digital form. It is the same as fiat currency and is exchangeable one-to-one with government-issued money.

Digital Gold Platform SafeGold’s Partnership With Jar Enabled Investments to Rise From 36 to 170K Per Day

SafeGold, a leading Asian digital platform accelerating the digital gold ecosystem in India, post its partnership with Jar, a daily gold savings app that lets you save money has boosted the daily transactions by about 99%. In April-May 2021, the average number of transactions per day on the app was 36, which then picked up significantly to 24k by November 2021, and is now averaging over 170k transactions per day.

India has a population of 130 crores out of which 9 crore people have a Demat account. However, only 3 crore people have made an investment above 10,000 rupees. This data clearly suggests that the investment market has created an echo chamber wherein a minor section of the society actually invests. In this sense, the term affordability is closed off for only the top layer of the educated segment. This has created a huge gap between rupee-earned and invested, especially in terms of the time taken for the average new investor to start saving.

Gold, as a commodity, has always been regarded with high respect, especially as an asset. However, it was always bought as jewellery for consumption. Bars and coins have increased their share in annual consumer demand from less than 15% to nearly 25%. Clearly, Indians are increasingly looking at gold as an investment rather than just for consumption. With players like Jar and SafeGold coming up, they are accelerating the adoption of alternative investment options outside of the traditional discourse.

Gaurav Mathur, Founder & MD, SafeGold, said “India is a nation filled with possibilities and potential. There is a need for startups with a creative outlook to bridge this gap. As SafeGold, we are making strides towards enabling digital-first investors who are interested in alternative investment commodities”.

Nishchay Ag, Co-Founder & CEO at Jar, said “When it comes to making smart financial investments, most Indians do have the inclination but lack the information on the right catalyst that will help mobilise their resources in the best way possible. Our partnership with SafeGold has helped our universe of customers to invest without any hassle. With this, we hope to inculcate smart investment habits for our new age-digital-first investors at low friction entry points”.

Finance Minister Introduces Blockchain-based 'Digital Rupee' To Launch in 2022-23

RBI to introduce Digital Rupee using Blockchain and other technologies starting 2022-23

This will lead to more efficient and cheaper currency management system.

It will also give boost to digital economy

The Finance Minister of India, Smt Nirmala Sitharaman, today announced the introduction of Digital Rupee to be issued by the Reserve Bank of India starting 2022-23.

Presenting the Union Budget 2022-23 in the Parliament here today, the Finance Minister said that the Central Bank Digital Currency (CBDC) will give a big boost to digital economy. Digital currency will also lead to a more efficient and cheaper currency management system, the Minister stated. The Digital Currency will use blockchain and other technologies.

Smt Nirmala Sitharaman said that in recent years, digital banking, digital payments and fintech innovations have grown at a rapid pace in the country. Government is continuously encouraging these sectors to ensure that the benefits of digital banking reach every nook and corner of the country in a consumer-friendly manner.

Taking forward this agenda, and to mark 75 years of our independence, the Finance Minister announced that it is proposed to set up 75 Digital Banking Units (DBUs) in 75 districts of the country by Scheduled Commercial Banks.

In addition, the FM also announced bringing post-offices to core-banking system which will enable financial inclusion by converting the existing post-office saving accounts into - "Anytime- Anywhere Post Office Savings"

The Finance Minister said that in 2022, 100% of 1.5 lakh post offices will come on the core banking system enabling financial inclusion and access to accounts through net banking, mobile banking, ATMs, and also provide online transfer of funds between post office accounts and bank accounts. This will be helpful, especially for farmers and senior citizens in rural areas, enabling interoperability and financial inclusion.

The Finance Minister assured that the financial support for digital payment ecosystem announced in the previous Budget will continue in 2022-23. This will encourage further adoption of digital payments. There will also be a focus to promote use of payment platforms that are economical and user friendly, she said.

OroPocket Launches India’s 1st Gold-backed Token on Tezos

Fintech platform Oropocket announced today that it is tokenizing gold and silver on the Tezos blockchain protocol. India's first gold or silver-based token, Oropocket has tapped blockchain consulting firm TZ APAC to advise them on their Asia business strategy using the Tezos blockchain. India has been experiencing a cryptocurrency boom ever since the country's Supreme Court lifted banking restrictions for exchanges earlier this year. This move positions OroPocket as one of the first movers in the convergence of the strong cultural significance of gold in India with emerging technological trends. 

With gold or silver-backed tokens, users are now able to independently track and verify their holdings at any point in time, removing the need for the tedious process of consulting a notary. The usage of a blockchain protocol allows all shareholding information to be transparent, accurate, and thorough. These tokenized assets - "XTZGold" and "XTZSilver" - are backed by physical gold and silver assets in a 1:1 ratio which is audited daily by third parties and stored in vaults in the UK, Switzerland, and Singapore. Users can invest as little as 0.01 USD to hold XTZGold or XTZSilver. All the assets are fully insured by Marsh Ltd. with Galmerly Ltd. as the appointed custodian.

Mohit Madan, CEO of OroPocket, said, "We aim to provide the highest security possible for our users and we recognized this strength in Tezos after conducting several trials with various blockchain protocols. Furthermore, its on-chain governance feature reduces the likelihood of forking. Forking happens when there is a disagreement on improvements to a blockchain protocol, resulting in a split of the blockchain, which produces two versions of digital representations of your assets in the network. Users would then have to go through a troublesome process of having to clarify which version is valid. On-chain governance on Tezos avoids this problem altogether and allows sustainable scalability and consistency in upgradability in a constantly evolving technology landscape."


"Tezos' comparatively low transaction fees are another key factor that aligns with OroPocket's goal of ensuring financial inclusivity through the removal of the hefty fees commonly imposed by traditional banks. OroPocket allows users to send gold or silver to anyone across the globe within seconds at only a charge of 0.25% fee on all transactions, without any storage, insurance, or hidden fees," added Madan.


Ethereum gas fees have been elevated over the past month from September 19 - October 18 at 2.46 USD, while Tezos has maintained gas fees below 0.01 USD over the same period, at a monthly average of 0.006427 USD for the same period. This makes Tezos gas fees over 380 times cheaper than on Ethereum, enabling more cost-effective deployment of decentralized applications on the Tezos.


"We at TZ APAC are excited to advise the team at OroPocket to launch their service on the Tezos blockchain. We see India as a very important blockchain market in Asia. By offering the very first gold and silver-backed digital assets on Tezos, it opens up a tremendous opportunity to reach the vast potential of users in the Indian market. To better facilitate a successful deployment, we have also tapped our local strategic partner, Tezos India, who will aid the team at OroPocket with technical support, development tools as well as community outreach activities which are crucial for its sustainable growth," said David Shin, Head of Asia at TZ APAC.


In addition to this tokenization of assets, OroPocket is working to offer add-on services on top of these fractional assets such as asset-backed debit cards, instant loans, and remittances. These debit cards provide users with high liquidity as they can shop online, offline, or withdraw cash at ATMs.

About TZ APAC

TZ APAC Pte. Ltd. ("TZ APAC") is a leading Asia-based public blockchain consultancy focused on the Tezos ecosystem achieving strategic impact in Asia. TZ APAC designs value-added blockchain transformation strategies for enterprises with a bottom-up approach, working closely with blockchain experts and other stakeholders in the Tezos ecosystem to ensure each strategy is built-in with a sound execution plan for alignment of business goals with management.

A core goal for TZ APAC is to identify and expand corporate and institutional partnerships in the region. Another important goal is to source and engage local teams that can contribute to the development of the Tezos ecosystem. Lastly, the TZ APAC team strives to create a culture of excellence in looking for projects that align with the strategic priorities of the Tezos Foundation.

TZ APAC is supported by the Tezos Foundation and is based in Singapore.


About Oropocket

Oropocket is a fintech platform that is empowering users to be able to indulge in 100% asset-backed banking on blockchain. Not only do we allow users to invest in multiple asset classes on one platform but we also provide a plethora of financial services on top of it. We have also created a bridge between the real world assets and DeFi- by creating a protocol called OpenDefi. OpenDefi enables cross-chain value creation and allows users to be able to get flash loans or yield on their holdings. For more information, please visit https://oropocket.com











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China's Central Bank Starts Testing its official Digital Currency 'DC/EP'

China's central bank has started testing its official digital currency, pressing ahead with its plan to roll out a virtual money payment system, days after Facebook-backed Libra scaled back its ambitions to become a global currency.

The Digital Currency Research Institute of the People's Bank of China (PBC), China's central bank, said that the research and development work of China's official digital currency, dubbed as DC/EP, is proceeding steadily, and the internal pilot tests are carried out in four cities and will be carried out in scenarios of the 2022 Winter Olympics Games in Beijing.

China's official digital currency is undergoing testing and has not been officially released, official media reported on Monday.

Insiders said the trial run will be piloted within a small range of banks and end users, and spread to a wider range with an improved technology and system, the Global Times reported.

More banks will continue to participate in the test of the DC/EP, in a bid to improve the technology, security and stability of the payment tool, Chen Bo, director of the Finance Research Centre at the Institute of Finance and Economics at the Central University of Finance and Economics told the daily.

The Agricultural Bank of China, one of the country's big four state-owned banks, has tested the DC/EP (digital currency/electronic payment) in four cities in an app launched last Wednesday.

"There will be two types of players in future trials, the banks and telecom companies. At present, the central bank is testing the software of DC/EP, and whether it will be combined with 5G and sim cards in the future needs to be discussed," Chen said.

He noted that in the future, there may be two forms of digital currency payments - one is to be applied in an application, and the other is to bind with the sim card.

According to a research note by Citic Securities, China is expected to officially make the sovereign digital currency available to the public later this year.

The brokerage house added that the total size of China's digital currency could reach one trillion yuan (USD140 billion) over the coming years, equivalent to digitalising about one eighth of China's cash, the Hong Kong-based South China Morning Post reported.

In comparison, the total market capitalisation of cryptocurrencies, including bitcoin, is about USD 200 billion.

Facebook's Libra project was once touted as a new currency for the internet era but these hopes have faded in the face of strong scrutiny from regulators, the Post report said.

Last week, the Libra group decided that the future currency will be a digital unit tied to an existing currency such as the US dollar or the euro, instead of a brand-new token based upon a basket of currencies, it said. PTI KJV

London-based Digital Assets Exchange MAX Markets announces Launch

MAX Markets Limited (‘MAX’) the London-based digital, multi asset exchange ecosystem, is pleased to announce the first key steps of its UK regulatory roadmap for market launch. MAX is designed for professional investors and will offer a regulated marketplace, subject to FCA approval, to enable the buying and selling of cryptocurrencies, security tokens and other digital assets.

Providing access to digital products via the familiar secure and regulated channels, MAX’s approach highlights the paradigm shift from traditional to digital exchanges including post trade. In the current market, investors are expected to prefund digital activity with their inventory immobilised in a closed ecosystem of the exchanges choosing. MAX is unique in its facilitation of inventory mobility, within a familiar market structure as a key feature will be access to third party digital asset exchanges and custodians as well as access to fiat banking using a groundbreaking middleware layer.

Over the last year, MAX has been engaged in accessing various opportunities whilst concurrently developing the visionary concept and creating the supporting infrastructure, and recently applied to the FCA for a UK Multilateral Trading Facility (‘MTF’) licence. The MAX ecosystem will include up to 3 exchanges (UK, Switzerland & in Asia), a guarantee fund (ensuring contract performance) and a digital custodian.

MAX will leverage its strong digital assets network and a senior industry team with a broad knowledge of financial markets infrastructure business and operations. This includes Hirander Misra, Deputy Chairman, and Scott Riley, Chief Post Trade Officer, who were previously co-founders of Chi-X Europe and Tony Harrop, Director of Technology, who was formerly CTO at PLUS Markets Group (now NEX Exchange).

Scott Riley, Chief Post Trade Officer of MAX said, "I am delighted to participate in this unique opportunity as digital is a hugely exciting market development and it is here to stay. He added, “Participants want access and product, customers want certainty and recourse and we’re just giving them the technology and governance to achieve that for this new asset class in a framework they are familiar with."

The experienced Non-Executive Directors include Dr. Iain Saville, ‘father of CREST’ and a recognised expert in securities and settlement, who has been appointed as Chairman; Director John Holland, Chairman of KCG Europe and previously UBS Investment Bank board member, who is renowned for his deep experience in global broking and market making; and Director June Aitken, an experienced NED and ex HSBC and UBS senior executive, with a strong background in global equities and emerging markets.

Founding shareholders in the company include GMEX Holdings Limited, part of GMEX Group Limited (“GMEX”), a recognised global leader in digital exchange and post trade technology who will supply its globally established GMEX Fusion technology platform, as well as DAG Global, whose mission is to deliver merchant banking services in the UK to SMEs and digital firms – providing access to the benefits of digitisation in finance with bespoke services provided by people, empowered by technology and adhering to the highest standards of compliance and security.

Hirander Misra, Chairman and CEO of GMEX Group and Interim CEO of MAX, commented: “After the success of Chi-X Europe and our rewarding working relationship, it has been great to take on the challenge of launching a London based digital assets ecosystem, alongside Scott.” He added, “The team behind MAX is exceptional and the expertise they bring in the banking, exchange and regulatory space alongside digital assets expertise coupled with strong partnerships will place MAX at the forefront of the market.”

Sean Kiernan, Founder and CEO of DAG Global, added “DAG is excited to be part of this new venture and bring its network and associated business opportunities to the platform. He added, ”We will also look to expand MAX’s solutions to include the addition of merchant banking services in the future.”

Eterna Borderless Venture Studio, an initiative run by leading companies in the blockchain industry to support the growth of the Algorand ecosystem, today also announced that MAX has been chosen to receive support, mentorship, training and funding to build on the Algorand platform. Algorand has built the world’s first open, permissionless, pure proof of stake blockchain protocol to enable frictionless finance and economic exchange.

Blockchain-based Solution Co-Built By Wipro and R3 to Power Digital Currency in Thailand

Wipro Limited, India's leading global information technology, consulting, and business process services company, today announced that the company, in partnership with R3 , the enterprise blockchain software firm, has developed a blockchain-based solution prototype to enable digital currency for interbank settlements for a consortium consisting of the Bank of Thailand and eight commercial banks in Thailand.

Developed as part of the first phase of Project Inthanon, the solution will enable de-centralized interbank real-time gross settlement (RTGS) using wholesale Central Bank Digital Currency (CBDC) to prove that the technology can perform key functionalities of payment and enhance efficiency.

Project Inthanon is an initiative led by the Bank of Thailand, in partnership with eight participating banks in a collaborative project that will use blockchain technology to build a proof-of-concept prototype which will enable domestic fund transfers within the country’s interbanking system by issuing CBDC tokens. The project seeks to enhance the technological preparedness of Thailand’s financial sector for embracing new technologies and digitalisation. Launched in August 2018, the first phase of the project focused on building the fundamental payment infrastructure, while the application of blockchain technology for other functionalities will be explored in the subsequent phases.

As part of the Phase I of Project Inthanon (PDF link), Wipro and R3 have co-developed a blockchain solution prototype on Corda, R3’s open source blockchain platform, for the consortium. The solution automates the banks’ liquidity provision for resolving payment deadlocks through Liquidity Saving Mechanisms (LSM). The prototype has successfully demonstrated that DLT can significantly enhance payment efficiency by enabling 24/7 interbank settlements.

David E. Rutter, CEO of R3 said, “Blockchain development is in a truly exciting phase given how more and more financial institutions are recognizing its potential to enable national digital currencies or CBDCs. R3’s Corda was conceptualised to support CBDCs, which made it a perfect fit for Project Inthanon. Both Wipro’s expertise in blockchain technology and understanding of the financial sector as well as excellent advisory and implementation services have played an integral role in co-developing the solution prototype.”

Krishnakumar N Menon, Vice President and Blockchain Theme Leader, Wipro Limited said, “We are delighted to have worked on Project Inthanon with R3 and be a part of a national-level fintech initiative. The DLT-powered solution prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient. Building a blockchain prototype for issuing digital currency aligns with our vision of driving industry transformation through real-world applications of blockchain.”

Wipro is a recognized leader in implementing blockchain technology for its clients, providing strategic advisory and consulting services combined with an extensive portfolio of industry solutions, developed in its Centres of Excellence. Wipro is committed to creating strong blockchain communities while developing talent for building extensive technology expertise across multiple leading blockchain platforms such as Corda, Ethereum, Fabric, Indy, Multichain, Quorum and Sawtooth. Wipro is a part of a number of DLT consortia and alliances including R3, the Hyperledger project, the Ethereum Enterprise Alliance, the Energy Web Foundation and the Blockchain in Transport Alliance.

~ Published Unedited (Except Headline) via feed from Business Wire India

IMF Chief Advocates Considering Digital Currency by Central Banks Globally

Although India's central bank, Reserve Bank of India (RBI), and finance ministry both have long been paranoid about the idea of virtual currency adoption including trading in the country so much so that RBI had even banned cryptocurrencies from being transacted/traded through banks in India. However, Christine Lagarde, who is Managing Director of International Monetary Fund (IMF), a financial organization of 189 countries, has urged central banks all over the world to consider issuing digital currencies.

In a speech at the Singapore Fintech Festival on Wednesday, Lagarde highlighted the changing nature of money as demand for physical cash decreases around the world. She argued that state-backed cryptocurrencies could satisfy public policy goals related to financial inclusion, consumer protection, privacy and fraud prevention.

“I believe we should consider the possibility to issue digital currency,” said Lagarde. "There may be a role for the state to supply money to the digital economy. The advantage is clear. Your payment would be immediate, safe, cheap and potentially semi-anonymous. And central banks would retain a sure footing in payments."

With this, IMF chief becomes one of the few global figures particularly in banking & finance arena, who has publicly advocated the digital money concept.

The IMF chief also cited the examples of central banks of Canada, China, Sweden and Uruguay, which were are all considering the introduction of their own digital currencies. She further said that a state-issued cryptocurrency would be a liability of the state, just like fiat money. Such currencies could reduce the cost of transactions while maximizing security and spreading adoption.

Notably, India too is considering to launch its own digital currency dubbed as 'Lakshmi'. In September last year, a group of experts at RBI had examined the possibility of cryptocurrency which would become an alternative to the Indian rupee for digital transactions, and unlike Bitcoin, which is a non-fiat digital currency, Lakshmi will be fiat-cryptocurrency. A 'Fiat' currency means a currency that is forced into circulation by a government.

In one of the best example of what IMF head has said, Sweden, which is considered to be one of the most cashless economies in the world, is planning to pilot a version of a digital currency called e-krona in 2019.

In spite of IMF chief's support for digital currency, it is very unlikely to influence the views of Indian regulator towards non-fiat cryptocurrencies such as Bitcoin, Ethereum or Ripple. Lately, authorities in India's Silicon Valley Bangalore has shuttered and confiscated India's first cryptocurrency ATM installed in the city by the startup Zebpay and even arrested a co-founder of the company. The police also conducted raids and seized equipment including laptops, mobile phones and credit cards.

On 13th of this month, IMF has released a new paper weighing the case for a central bank-backed digital currencies. It found it is too early to draw conclusions on the net benefits as every country faces unique circumstances around cash usage and e-money adoption. Lagarde said policymakers need to be open-minded about changes in the financial landscape.

Source - CNBC, Bitcoin.com

[Top Image - Indian finance minister Arun Jaitley and Christine Lagarde in the IMF/World Bank annual meetings in Washington | Source - DNAIndia.com]

RBI Creates Panel to Create Rupee-based Digital Currency; To Eventually Replace Paper-based Currency

Last week, we reported that India's central bank, Reserve Bank of India (RBI), has formed a new unit to supervise and oversee its efforts in emerging technologies including cryptocurrency, blockchain and Artificial Intelligence (AI). Now in a latest development to this, RBI has constituted an inter-departmental panel to study the desirability and feasibility of launching its own Fiat-currency. The proposed Digital or Virtual Currency (VC) will be Rupee-based which could eventually replace paper or metal-based currency currently in circulation, said the RBI's Annual Report 2017-18.

"In India, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency," said RBI in the report.

To recall, exactly a year back, RBI was contemplating to launch cryptocurrency called 'Lakshmi', which was the result of examination done by group of experts at RBI for the possibility of cryptocurrency which would become an alternative to the Indian rupee for digital transactions, and unlike bitcoin which is a non-fiat digital currency, Lakshmi would be fiat-cryptocurrency. 'Fiat currency' means a currency that is forced into circulation by a government.

In the latest Annual report of RBI, the central bank cited increasing costs of managing paper or metallic currency as a reason for looking to introduce a digital currency. According to a report by India Today, the total cost of printing paper-based currency/notes in India stood at Rs 636 crore in FY'2017-18. It also cited rapid changes in the payments industry, along with the emergence of private digital tokens like Bitcoin, as factors for considering to launch a central bank backed digital currency.

The RBI report said, "Rapid changes in the landscape of the payments industry, along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money, have led central banks around the world to explore the option of introducing fiat digital currencies."

Since the increase in popularity of virtual currency like Bitcoin in India, RBI is being very vocal about "Fiat Money". Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity like gold or petrol, which is in the case of Fiat Currency like Rupee.

The U.S. dollar is considered to be both fiat money and legal tender. Legal tender is any currency that a government declares to be legal. Many governments issue a fiat currency, then make it legal tender by setting it as the standard for debt repayment.

U.S dollars are now backed by the U.S. government -- making it fiat money -- and, as legal tender, is accepted for both private and public debts.

In October last year, Dubai unveiled its very first official state cryptocurrency called 'emCash'. emCash was developed in partnership between UK-based blockchain startup Object Tech and Emcredit, a subsidiary of Dubai Economy.

Fiat money serves as a good currency if it can handle the roles that an economy needs of its monetary unit: storing value, providing a numerical account and facilitating exchange.

For the uninitiated, Bitcoin is the first, and currently the biggest digital currency- a decentralised tradable digital asset. The best part about the currency is that it is almost impossible to trace a bitcoin transaction back to a physical person. This particular feature makes it a hit among the dark world as it offers them an anonymity that no other currency in the world provides.

Last year, Jamie Dimon, the head of JP Morgan, the leading global financial services firm and one of the largest banking institutions in the United States, had completely dissed the currency saying that Bitcoin is actually a fraud that will ultimately blow up.

Via - Medianama \ References - Investopedia

Top Image by Ishant Mishra on Unsplash

Bitcoin is A Fraud That Will Eventually Blow Up, Warns JP Morgan Boss

Bitcoin, which currently is the most popular cryptocurrency in the world, isn't much popular with JP Morgan boss Jamie Dimon. According to the head of the leading global financial services firm and one of the largest banking institutions in the United States, Bitcoin is actually a fraud that will ultimately blow up. 

Speaking at a conference in New York, he further added, that the digital currency is only meant to be used by drug dealers, murderers and people living in places such as North Korea.

It was in mid 2008 that bitcoin first came into our lives. Ever since its debut, a lot has been said about the digital currency that can be traded for services or goods with sellers who accept bitcoins as payment. Even though some consider bitcoin as one of the most volatile currencies in the world, it still continues to do more than 100,000 transactions per day. According to experts, this figure is only going to ballon up in the near future with the massive innovation being fed into the field, courtesy bitcoin’s underlying technology, the blockchain

However, Dimon doesn't want to do anything with anyone that makes use of the digital currency. According to him, he would take just a second to fire anyone found using bitcoin at his investment bank "For two reasons: it’s against our rules, and they’re stupid. And both are dangerous.”

For the uninitiated, Bitcoin is the first, and currently the biggest digital currency- a decentralised tradable digital asset. The currency is only good enough to be used as a medium of exchange, because of which the currency has witnessed more usage for bad activities like money fraud, terrorism etc. has been more than for legit purposes.

What makes bitcoin such a shiny possession in the big, bad dark world is the fact that there's no central authority, censorship, or regulation hovering over the transactions being made using the digital currency. The best part they find about the currency is that it is almost impossible to trace a bitcoin transaction back to a physical person. It offers them an anonymity that no other currency in the world provides.

Though Dimon doesn't approve of the currency, he does believe that there's a market for it, but it is a limited one. According to him, “If you were in Venezuela or Ecuador or North Korea or a bunch of parts like that, or if you were a drug dealer, a murderer, stuff like that, you are better off doing it in bitcoin than US dollars."

But, Dimon's opinion might not be entirely true. Recently, Lady Mone, co-founder of the underwear brand Ultimo, launched a major property development in Dubai, priced in bitcoins. Launching the project, she said saying that the digital currency is a growing market that cannot be ignored. On the same lines, a London property developer is allowing its tenants to pay their deposits in bitcoin - the first time digital currency is being put to use in residential sector in the UK.

Dimon’s harsh comments on bitcoin came at a time when the UK financial regulator had just issued a warning against a speculative frenzy in initial coin offerings (ICOs), wherein internet startups are being funded by investors using digital currencies such as bitcoin.

However, Yann Quelenn, an analyst at the online bank Swissquote in a statement to The Guardian ensured that bitcoin still has great potential.

According to him, digital currencies can be considered as a new asset class, which is at war with fiat money. Central banks all around the world wanting to preserve their monopoly over money, don't want to fully embrace cyrptocurrencies.

Explaining about Bitcoin still has a lot of potential to explore, Quelenn added that currently, fewer than 0.01 per cent of the world’s population has a bitcoin wallet. If this would reach 1 per cent, the demand for bitcoin would reach insane levels, because there are only 18m bitcoins available.

While the criticism and appreciation of the currency keeps on coming and going, its value has managed to stand the test of time. It has more than quadrupled in value since December last year and hit about $4,700 last month before falling back. It fell by another 5 per cent after Dimon’s comments to below $4,000.

Post Demonetization, India Govt is Planning A Crackdown on Bitcoin

8th November, 2016 went down as a memorable day in India's history. It was on this very day that India's Prime Minister took over the Indian television screens while Indians were gearing up to have their dinner and announced that from 12 AM that night, 500 and 1000 rupees notes will stop being legal tender. During the announcement, PM Modi said that the move was a way to counter easily flowing black money in the country. While the jury is still out if the move had any impact on India's black money, the Indian government is ready with its next mission. The next big thing on government's agenda is a crackdown on bitcoin.

Post-demonetisation, bitcoin had really gained some popularity among the Indian masses as they turned to alternatives to counter the cash crunch. But, now it seems, the good days are over for the bitcoin industry.

Bitcoin was one of the only stores of value left to the people of India after their other safe haven assets like gold and silver were confiscated and seized by the Indian government. While the entire government has just one song on their lips, that the move would help counter black money, criminal groups and fraudsters. But, the real picture is, while there is no knowledge of the move having a concrete impact on criminals, but it is the common population that is facing the brunt even after 2 months of the surprise demonetisation announcement.

According to a Forbes report, since demonetisation, service oriented Zebpay saw a massive upsurge in interest. Within just 18 days into demonetisation, the price of one bitcoin on Zebpay increased from ₹51,600 to ₹69,500. Not only Zebpay, even Indian bitcoin startup Unocoin witnessed a price hike of about 20% while BTCXIndia saw an price increase of as much as 40%.

Modi and his government's initial thought process behind the demonetisation process was, if criminals/terrorists weren't provided with high denomination currency notes, moving cash from one place to another would become a highly daunting process for them. In fact, the government also went ahead and banned gold importation, possibly to restrict stores of value accessible by the criminals.

While the government thought of the criminals and their reliance on gold and cash, what they forgot to take into account was the common man's reliance on cash and gold. Thus, these sudden regulations by the government, which were supposedly carved out to target criminals, ended up negatively impacting the innocent masses, businesses, and the economy.

According to some inside sources, after gold and cash crackdown, the government is now preparing to announce some tough regulations and restrictions on bitcoin trading as well. The argument here once again is that criminal are using their black money to purchase bitcoin, giving rise to “digital black economy." Further, since bitcoin is a P2P network, criminals are provided with an option to directly trade with miners or bitcoin holders without having to go through an exchange, thus making transaction tracing and surveillance a very difficult task.

While there is no denying the fact that the government might be doing this to crackdown on fundings to the criminals/terrorists, but the government will have to come up with some other innovative ways to cut these people right from their sources because steps like demonetisation and bitcoin crackdown are only going temporarily affect them. It is a known fact that criminals have and always will be able to search for more sophisticated and innovative technologies to fund their complex projects. Hence, the common man shouldn't been caught between this battle.

[Top Image: Shutterstock]