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FameEX Hot Topics | Blockchain-Powered Dollar Accounts for Banks in India Launched by JPMorgan

2023-03-30 14:57:05

JPMorgan, one of the world's largest investment banks, has launched blockchain-powered dollar accounts for banks in India, allowing participants to transact 24/7 with instant settlement times. This move replaces the traditional reliance on the SWIFT payment system, which is restricted to US open hours, making weekend transactions impossible. While JPMorgan's plans are not novel, it is seen as a sign of further blockchain adoption in India.
India's government is aiming for a 46% adoption rate and has recently launched a blockchain learning module to expand the talent pool for digital currency firms in the country. The National Institution for Transforming India (NITI) Aayog has announced the launch of a blockchain learning module to deepen the talent pool for global digital currency firms looking to set up operations in the country.

JPMorgan's latest initiative is part of India's ongoing efforts to improve GIFT City and compete with other global free trade zones. The city is widely considered a quasi-foreign territory and is not subject to the bulk of Indian regulations. Deutsche Bank and MUFG are among the international institutions that have set up operations in the country. JPMorgan has been exploring blockchain technology since 2022 with the creation of its Onyx Unit and the development of the JPM Coin. The bank is also a co-founder in Partior, a Singapore-based blockchain network supporting multiple transactions.

The blockchain-based accounts offered by JPMorgan provide a significant advantage over the SWIFT payment system, allowing participants to make transactions 24/7 and receive instant settlement times. This innovation could accelerate the adoption of blockchain technology in India, which has been gradually increasing in recent years. However, India's government has faced criticism for its draconian tax policy against virtual asset providers, which could hinder its ambition for full-scale blockchain adoption. Nonetheless, the country's Finance Minister, Nirmala Sitharaman, has confirmed that blockchain will be the focal point of its technological aspirations.

Blockchain technology has already found applications in various sectors of the Indian economy, including health, security, manufacturing, and property. With ongoing developments in India's blockchain ecosystem and initiatives like JPMorgan's blockchain-based dollar accounts, the country is on track to become a major player in the global blockchain industry.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.

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