SWIFT announced its collaboration with MoneraGo for bringing blockchain technology to the financial sector. SWIFT India will implement blockchain technology with local banks in the country to improve the security and efficiency of their products to meet the data privacy requirements.
India Adopting Blockchain despite Cryptocurrency Ban
The Indian Financial System seems to be quite interested in the technology behind cryptocurrencies. SWIFT India will implement blockchain in the financial messaging system with the local banks.
Kiran Shetty, the CEO of SWIFT India expressed his concerns stating that SWIFT will be providing a value to the Indian Financial System through the digitization of trade by collaborating with MonetaGo which is expert in providing fraud mitigation solutions for avoiding double financing.
Jesse Chenard, the CEO of MonetaGo also expressed his concerns stating that India focuses massively on digital infrastruture and large institutional players are quite interested in these products and initiatives by India.
India to regulate cryptocurrencies soon
The Indian Financial Ministry has appointed a committee led by Mr. Subhash Chandra Garg for drafting a regulation on cryptocurrencies in early 2019. According to sources, India will soon be out with new regulations which will allow people to run cryptocurrency related business in the country. The regulation by India is predicted to bring a massive amount of trading volumes and hence a rise in the price of cryptocurrencies is predicted by analysts.