The reserve bank of India (RBI) is developing a blockchain platform for banking in its R&D branch, per a report by BusinessLine on June 28

The blockchain platform can reportedly host variety of blockchain applications, and is slated to launch next year. This model platform is reportedly being designed to serve banks; perRBI’s R&D branch, the director of The Institute for Development and research in Banking Technology, the platform is “for blockchain applications for the govt in banking.”

While RBI seems to be getting into the blockchain business, it's traditionally not been keen on cryptocurrencies. In April, the RBI specified that cryptocurrency ventures, together with initial coin offerings (ICOs) and cryptocurrency exchanges, wouldn't be permitted in its regulative sandbox project, unlike blockchain tech.

In June, The Economic Times in addition reported that social media giant Facebook isn't trying to register its coming virtual currency Libra with the RBI, probably because of the banks ban on serving cryptocurrency-related business.

As antecedently reported by Top Market Group, banks in South Korea also are exploring blockchain school, whereas remaining averse to cryptocurrency adoption. The South Korean government likewise doesn't allow ICOs within the country.

Korean crypto influence Hyun-sik ‘Soso’ Choi has commented on the state of blockchain and crypto in South Korea, saying:

“Korean banks are jumping into the blockchain field. whereas this proves there's vast interest within the technology from traditional finance, all the tries are on the tech aspect. they're ignoring the cryptocurrency part.”

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