India’s former RBI governor praises blockchain technology, says it will accelerate the growth of SMEs

Speaking at Ripple's second annual Swell conference, India's former RBI Governor and former Chief Economist at IMF Dr. Raghuram Rajan said that blockchain technology would help accelerate the growth of small and medium enterprises. He believes that this is the beginning of another wave of globalization.

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One of the keynote speakers at Ripple’s second annual Swell Conference is former Chief Economist at IMF and 23rd governor of India’s central bank Dr. Raghuram Rajan. While speaking at the conference, he said that the blockchain adoption would help accelerate the growth of small and medium enterprises.

Dr. Raghuram Rajan believes that the true productivity of economies will be manifold by the adoption of new technologies. He also talked about how blockchain technology provides different opportunities to address changing attitudes about the international financial system, including cross-border settlements and tokenization within the central banking system.

 

“Begining of another wave of globalization.”

Dr. Raghuram Rajan, who is behind India’s early adoption of widespread mobile banking, said that technology has always been a big lever for raising productivity and creating new business models. He believes that we are at the beginning of another wave of globalization.

When asked about cryptocurrencies and its regulation, he said crypto use cases should be allowed to flourish while small and regulators should take steps to assess and adapt to their growth instead of killing the innovation.

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Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

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