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An Indian tech major is helping Thai banks use digital currency while the RBI hangs back
Publication- Business Insider
Edition- Online
Date- 07 May, 2019
An Indian technology major, Wipro, is now helping eight banks in Thailand to settle dues with each other through de-centralised digital currency. "Developed as part of the first phase of Project lnthanon, the solution will enable de-centralised 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," Wipro's statement on May 7 said. Project lnthanon is an initiative led by the Bank of Thailand, launched in August 2018. The first phase focussed on rolling out a payment infrastructure, followed by the blockchain initiatives. " The prototype has demonstrated the merits of blockchain technology adoption for making interbank payments more efficient," Krishnakumar N Menon, Vice President and Blockchain Theme Leader, Wipro said.
In April 2018, the Reserve Bank of India revealed its plan to issue a digital currency, CBDC, while forcing a bunch of cryptocurrency exchanges operating in the country to shut shop. However, the plan was shelved after three-month long feasibility study; the findings have not been made public. CBDC is digital money equivalent to – and redeemable for – a country's domestic currency that a central bank can issue. It can choose to simultaneously remove an equivalent amount of physical currency from the system.
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WhatsApp May Stop WhatsApp Pay UPI Payments Feature In India After July
Publication- Republic World
Edition- Online
Date- 07 May, 2019
Last week, WhatsApp told the Supreme Court that it is conducting a trial run of WhatsApp Pay UPI payments feature and will comply with RBI norms on data localisation before launching the full service. WhatsApp said the trial run is likely to complete by the end of July this year. A Supreme Court bench of Justices Vineet Saran and R F Nariman was hearing a petition submitted by Centre for Accountability and Systemic Change (CASC) NGO. The petition claims that WhatsApp doesn't fully comply with RBI's circular pertaining to data localisation norms.
Appearing for WhatsApp, Senior advocates Kapil Sibal and Arvind Datar told the bench that WhatsApp is only conducting a trial run of its UPI payments feature and it is likely to be completed by July. They also said that WhatsApp will not launch WhatsApp's UPI-based payment services without adhering to the RBI norms.
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Wipro helps Thailand move towards fully digital economy via block chain
Publication- Republic World
Edition- Online
Date- 07 May, 2019
Wipro Ltd said it has helped deploy a new information technology system to kick off the digitization of the currency in Thailand. The achievement marks a small, but crucial step in what many consider the inevitable evolution of money into a more convenient digital format.
DIGITAL PAYMENT vs BLOCKCHAIN
At present, digital money is handled using traditional technology, including databases, encyrption and a physical backup. However, blockchain — the technology that lies behind cryptocurrencies such as bitcoin and etherium — can be used to completely digitize existing currencies such as the dollar, the rupee and do away with physical cash altogether. In this particular case, for example, Wipro is helping banks in Thailand carry out interbank transactions using blockchain technology. The move, besides helping ease the banks’ pain, is seen as a real-life demonstration of the powers and limitations of blockchain technology.
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