Indian Corporate Giants Try Cryptocurrencies And Blockchains Internally

by Indu Sonali

According to reports, several large Indian companies and banks are exploring encryption monetary Applications and benefits.

According to the Economic Times, Hindustan Unilever, Reliance Industries, HDFC Bank and ABG Shipyard are currently piloting cryptocurrency and blockchain, primarily for internal fund management to enable internal financial management, record keeping and trade finance functions.

According to people familiar with the matter, this cryptocurrency will only be used internally by companies and banks. It will primarily serve as an effective working capital management tool in which the cryptocurrency will be transferred and the account will be reconciled later rather than actually transferred.

Hindustan Unilever did not confirm the report, but the company said it is constantly seeking to enhance its digital capabilities.

Hindustan Unilever said: “Based on our ‘HUL’ vision, we are constantly looking to enhance our digital capabilities in our business. We are currently working on multiple cross-value chain pilot projects that will drive us into the future and re-launch Define the environment in which we operate.”

Since the Indian Reserve Bank (RBI) began implementing the cryptocurrency bank ban in July 2018, India’s cryptocurrency exchanges have been banned from banking services. Many of these exchanges subsequently closed their INR support and did not allow users to deposit and withdraw money with the Indian Rupee.

Industry experts believe that the Indian central bank’s ban may not pose a challenge, as Indian companies and banks are restricting this currency to domestic use.

Vivek Belgavi, PwC’s partner and head of financial technology in India, said: “Many banks and consortia, such as BIC (Investors Consortium), are also trying to introduce blockchain technology in the area of ​​trade finance. The results are positive, especially Around ecosystems such as buyer-suppliers or logistics. Regulators are concerned about the speculation of bitcoin or other cryptocurrencies. There is no problem with the underlying blockchain technology.”

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