India's finance minister says after months of testing, the government has abandoned plans to bring blockchain and distributed ledger technology to the banking industry. The Reserve Bank of India (RBI) has launched several pilot projects with Indian financial institutions to develop distributed ledger applications as part of a regulatory sandbox.. However, Minister Nirmala Sitharaman announced that the Indian government will not use DLT in creating a common platform for banks.. In this regard, Indian lawmakers will not work to create guidelines for the use of DLT by financial institutions. Back in August, the Indian authorities expressed their desire to make the country a center for blockchain and Web3 development.. The Ministry of Finance announced the need to introduce blockchain to improve the financial industry, attract international companies and create new jobs. Sitharaman explained that the government has lost interest in DLT due to the fact that only a small number of banks and financial institutions use the technology.. At the same time, the Minister noted the work done by the Indian Banks' Blockchain Infrastructure Company, IBBIC, a blockchain infrastructure development organization to study and implement solutions based on DLT.. Now IBBIC is testing this technology for verification of letters of credit. Previously, Binance CEO Changpeng Zhao called India a leader in Web3 and blockchain.. At the same time, he believes that the country is not suitable for the development of the cryptocurrency business due to the tightened tax policy.
Indian Ministry of Finance abandons plans to introduce DLT in the banking industry
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