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Reserve Bank of India appoints firm to adopt blockchain for cross-border payments

India has been hostile towards cryptocurrencies, given the hefty taxes that the country has imposed on the sector. However, it has shown more openness towards blockchain technology, with the Reserve Bank of India now looking into how it can deploy the technology to facilitate cross-border payments.

Reserve Bank of India plans to adopt blockchain technology

Open Financial Technologies, a neo-banking company based in India, is planning to use blockchain technology to facilitate cross-border payments. The company has received approval from the Reserve Bank of India to provide a monitoring solution for cross-border transactions.

A report published by Quartz, a financial news publication, said that Open Financial Technologies would initially unveil a solution known as the BankingStack within the US-India corridor.

Financial institutions operating in this corridor will use the enterprise banking product to unveil a digital banking solution within weeks. The product will be open-source, allowing the involved parties to access the proper records within every stage of the transaction.

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The co-founder and CEO of the technology company, Anish Achuthan, said that the solution would provide immutability for cross-border payments. He also added that the company wanted to work with banking institutions that offered several products facilitating cross-border payments and trade finance benefits millions of SMEs in India.

Open Financial Technologies is among the four companies approved by the RBI to deploy cross-border payment products based on blockchain technology. These companies are part of the Regulatory Sandbox program launched earlier this month. The other involved companies include Nearby Technologies, Fairex Solutions Private Limited, and Cashfree Payments India Private Limited.

The initiative commenced in September last year. The recent approval of Open Financial Technologies comes amid a depreciating value of the US dollar, with such platforms believed to remove the strain on importers and exporters.

RBI set to explore blockchain technology

Besides partnering with the private sector, the RBI has also announced plans to have blockchain technology be part of the Core Banking System in India. In July, the RBI partnered with leading commercial banks to deploy blockchain technology using a trade finance platform.

The RBI’s Innovation Hub is spearheading the project, and banks can have blockchain-backed tamper-proof Letter of Credit (LC) records. The Innovation hub has already organized a workshop with the involved banks, and it has support from US-based firms.

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Why This New NFT Integration May Be What Cardano Needs To Break $0.6

Cardano has been making its mark in the NFT space long before smart contracts capability was available on the network. Collections have also found a reasonable level of success, given that non-fungible tokens remain relatively young for the blockchain. Nevertheless, developers continue to push for broader adoption when it comes to Cardano NFTs, and a::Listen

Cardano has been making its mark in the NFT space long before smart contracts capability was available on the network. Collections have also found a reasonable level of success, given that non-fungible tokens remain relatively young for the blockchain. Nevertheless, developers continue to push for broader adoption when it comes to Cardano NFTs, and a new partnership is allowing the onboarding of a broader range of investors.

Pay For NFTs With Fiat

One of the things that continue to hold back NFTs is the fact that they are only purchasable using cryptocurrency. This means that, unlike cryptos which investors can just buy directly with fiat, there is now an extra layer and an added step that users have to go through to own these NFTs. However, this is starting to change with the introduction of fiat currency payments for NFTs directly in a marketplace.

IOG, the developer behind the Cardano network, has announced a new partnership that will be able to allow investors to purchase Cardano NFTs using fiat currency. NMKR is a Web3 protocol that is helping to accelerate the adoption of this new sector. In this new partnership, the NFT minting and payment infrastructure will provide two things to further the adoption of NFTs on Cardano.

The first of these two things is providing an easy minting app for anyone to be able to engage and mint NFTs on the network easily. Next is the most important one, which is allowing users to be able to pay for their NFTs with both cryptocurrencies and fiat currencies.

“This is an important step for IOG and our mission to build a better tomorrow for everyone through technology,” said Charles Hoskinson, founder of Cardano. “We are excited to be working with NMKR as they develop an entire minting and payment infrastructure ecosystem, making NFTs accessible for everyone.”

The Drive For Cardano Price

Like the rest of the crypto market, Cardano had been a victim of the bear trend. This further fueled the decline that had begun since the digital asset had hit its new all-time high of $3.10 back in September of 2021. Presently, the price of ADA is trending at $0.5, a price point that it has found difficult to beat.

ADA price trending at $0.5 | Source: ADAUSD on TradingView.com

However, like with any other asset, the price of ADA responds to important developments in the network. This is why news like the partnership between IOG and NMKR is essential. With users being able to purchase NFTs directly with fiat currencies, it is expected to trigger more interest in the Cardano network, contributing to a recovery in price.

Pair this with the Vasil hard fork that is expected to happen sometime this month, and Cardano is brewing the perfect powder keg for an explosion in price. The anticipation around these two developments could be what the price of ADA needs to break above the critical technical level of $0.6 finally. Beyond this point, the next major resistance lies at $0.8. If ADA is able to test $0.8 before the Merge, anticipation around Ethereum will also help push up the price of ADA, providing the catalyst for breaking above $1. 

Featured image from Investopedia, chart from TradingView.com

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Reserve Bank of India appoints firm to adopt blockchain for cross-border payments

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