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Falcon, a blockchain project by NPCI, will expand India’s payments market

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1 year ago

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FALCON-NPCI-BLOCKCHAIN

A new open-source project by the National Payments Corporation of India (NPCI) enables Indians to quickly develop and implement blockchain payment solutions.

Falcon “aims at simplifying the complex process of setting up, configuring, and maintaining Fabric nodes, peers, orderers, and channels within a Kubernetes environment,” according to the NPCI release. Digital assets have a troubled past in India, where the central bank has cracked down on the industry over the years.

About NPCI’s Falcon Project

While maintaining a somewhat sceptical posture toward including cryptocurrencies in its financial institutions, India is keeping an open mind when it comes to researching blockchain technology. On August 29, the National Payments Corporation of India (NPCI) announced the release of Falcon, an open-source project designed to make managing and using blockchains based on “Hyperledger Fabric” and powered by Kubernetes clusters easier. In essence, Falcon is anticipated to support innovators working on blockchain-based payment solutions.

The Reserve Bank of India (RBI) is looking to use artificial intelligence as the NPCI uses blockchain to improve payments. In August, RBI declared its intention to incorporate AI into its UPI fast payment platform in order to provide consumers with conversational payments.

Hyperledger and Kubernetes

Kubernetes and Hyperledger components will be combined in Falcon to make it easier to build and maintain high-end blockchain solutions.

Hyperledger

An enterprise-level permission blockchain network is called Hyperledger Fabric. The framework acts as the building block for developing blockchain-based goods and services.

Kubernetes

Kubernetes is an open-source tool for managing packaged software programs, commonly known as containerized applications. The group of machines that make up a Kubernetes cluster run containerized applications.

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Cryptocurrency

At the G20 conference, a significant decision regarding cryptocurrencies was made, which may impact crypto market!.

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1 year ago

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13 September 2023

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Cryptocurrency

At the G20 conference, a significant decision was made regarding cryptocurrencies. A global law is required to control cryptocurrencies, all the nations taking part in the G20 Summit at Bharat Mandapam in Pragati Maidan, New Delhi, have agreed. To do this, a worldwide regulatory framework must be established.

This international regulatory framework will be developed by the IMF-Financial Stability Board (FSB). Nirmala Sitharaman, the minister of finance, informed the media of this information and added, “We are closely monitoring the rapid developments and risks in the cryptoasset ecosystem.” According to experts, establishing a global regulatory framework will aid in reducing cryptocurrency abuse. Right now, there is a risk that cryptocurrencies will be used to finance terrorism and other bad things.

The goal is to keep risks under control. Any country can allow higher risks if they want, or ban them if they want, but whatever they do, they should not go below a certain level of regulation, or else trade will shift to other jurisdictions,” the official explained, explaining the G-20 push for timely and consistent implementation of FSB recommendations globally to avoid regulatory arbitrage.

IMF chief statement

On Sunday, IMF managing director Kristalina Georgieva stated that “more work lies ahead” in the domain of digital currency and crypto assets. “To that end, the G-20 has tasked relevant institutions with improving crypto asset regulation and supervision — the IMF is contributing to proposals for a comprehensive policy framework; and advancing the debate on how central bank digital currencies may impact the global economy and financial system.”

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