THELOGICALINDIAN - The British cyberbanking behemothic HSBC has reportedly accomplished the actual aboriginal across banking transaction of Reliance Industries RIL to a USbased applicant application blockchain technology
“The Use of Blockchain Offers Significant Potential”
Despite the astriction surrounding cryptocurrencies in India, HSBC has purportedly agitated out the actual aboriginal across banking transaction application blockchain-based technology. The parties complex are India’s Reliance Industries — the additional better about traded alignment in the country — and a US-based aggregation Tricon Energy.
According to bounded account media The Times of India, the transaction included a blockchain-enabled letter of acclaim (LoC) which auspiciously facilitated a addition amid the two companies.
Speaking on the amount was RIL’s Chief Financial Officer Srikanth Venkatachari, who noted:
Swimming Against the Tide
It’s noteworthy that the transaction took abode during times of abundant astriction in the cryptocurrency field. The country’s Reserve Bank filed an official apprehension to all banks to arrest operations with cryptocurrency-related businesses beforehand in the year.
Bitcoinist reported October 24 that bounded authorities in Bengaluru bedeviled the aboriginal Bitcoin (BTC) [coinprice] ATM for actuality illegally installed by UnoCoin – India’s oldest cryptocurrency exchange. Both co-founders were put abaft bars.
However, the Supreme Court of India went on to set an official two-week deadline for the government to analyze its position on the amount of cryptocurrencies.
It’s questionable, though, whether or not HSBC’s accomplishments to backpack out a banking transaction appliance blockchain technologies are in abuse with the country’s accepted position as there were no cryptocurrencies involved. At the aforementioned time, it acutely outlines the allowances of the adequately beginning technology and its appliance in real-world banking transactions.
What do you anticipate of HSBC’s move to assassinate a banking transaction application blockchain technology in India? Don’t alternate to let us apperceive in the comments below.
