New Delhi: India’s digital currency blockchain has a big opportunity to be adopted by financial services as a way to track transactions and record payments.
The digital currency, which was created by a group of developers in 2014, has the potential to replace cash as the preferred method of payment for most transactions and has the ability to record every transaction.
But there are many challenges ahead as it is still a very young digital currency and there are a lot of hurdles in its implementation, according to some experts.
The currency is still in its infancy and the process of integrating it with existing payment systems, including mobile wallets, is yet to be fully rolled out.
But it is expected that a new platform, called Digital India, will be launched by the government this month.
A portal called DigitalIndia.gov will be set up in the coming days to facilitate the use of the new digital currency.
The government has set up a digital portal for digital currency called Digital Indian.
The portal will provide a platform for digital transactions, such as payments, with the government and financial institutions.
A team of experts, headed by Amit Kumar, chairman of India’s central bank, will launch the portal in January and the portal will also provide users with tools to record transactions, said Rajesh Kumar, head of the Indian Payments Association, which is in talks with the Indian central bank.
Digital India is expected to have a wide range of services, including virtual wallets, financial services and financial applications, including financial exchange and clearing services.
There are no centralised exchanges or clearing houses to process transactions, but there are plenty of third-party financial institutions and third-parties like foreign exchange firms, who will be able to exchange payments using digital currencies.
Digital India will also help banks, exchange banks and financial services providers to integrate their digital platforms.
For the time being, the portal is set up by the central bank to help banks and other financial institutions track and store transactions using digital currency in a more efficient manner.
The portal will be run by the Reserve Bank of India and the finance ministry.
There are already over a dozen such digital payment systems in the country, according the country’s central accountancy office.
The launch of Digital India comes after India launched its first digital currency platform, the Bharat Payments System (BP), last year.
India is now planning to roll out a second digital currency exchange, the Digital India Exchange (DEX), which will be in place by July, the central accountant said.
While Digital India is not a centralised exchange, it is a joint venture between the Indian government and several other organisations.
The government will have a presence on the DEX and there will be more opportunities for payments to be recorded through the DEZ.
There will be many opportunities to integrate digital payments with existing financial systems, said Amit Kumar.
There has been a lot talk about the potential of the digital currency to revolutionise financial services, said Nilesh Raj, founder of the consulting firm BGR India.
However, it will be a long time before it is used for a wide variety of transactions.