Related – Bitcoin Price Prediction: It’s Getting Ugly

RBI did, however, say it is open to the use of blockchain technology. Blockchain technology provides a transparent and secure process to transfer and digitally record information on a shared transaction database through a secure, decentralized, peer-to-peer distributed ledger, which negates the transactional challenges of counterparty trust and the need for a central repository or ledger.

It is designed to facilitate the transfer of information or property between users such that the transfer is guaranteed to be secure and known to all participants and shared across a distributed network where the legitimacy of the transfer cannot be challenged.

For more information on the cryptocurrency market, visit our Bitcoin category.

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