R3 Called On Sri Lanka`s Central Bank To Join Blockchain Consortium

R3 Called On Sri Lanka`s Central Bank To Join Blockchain Consortium

New York-based blockchain company R3 has reportedly asked Sri Lanka`s central bank to join the working group of their international banking-based bloc

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New York-based blockchain company R3 has reportedly asked Sri Lanka`s central bank to join the working group of their international banking-based blockchain consortium.

Over 80 of the world`s biggest banks have been convinced to collaborate. The consortium has worked with regulators in developing blockchain applications. Some of them were Singapore`s central bank, Hong Kong`s financial regulator and South Korea`s central bank.

Banks around the world are now researching the potential uses of the blockchain technology. Speaking to LBO (lankabusinessonline.com), Niki Ariyasinghe, Project Strategy Director at R3 commented that the idea of the consortium is to undertake research collaboration between Central Banks.

“The meeting with Sri Lanka’s Central Bank was about developments in blockchain technology, what R3 is doing and we also extended an invitation to the Central Bank if they would like to join.”, added Ariyasinghe.

“We had a very positive discussion with the Central Bank Governor and we will follow up in the coming weeks.”, he said.

The executive has also referred to other joint projects with regulatory members like the Monetary Authority of Singapore (MAS), the country`s central bank. Cryptocoinnews.com reported earlier that MAS and R3 have announced the development of a blockchain proof-of-concept pilot project that will facilitate inter-bank payments on a global scale.

“The simplification of processes that comes from having a single and coherent, distributed record of information makes Blockchain technology an attractive solution for the financial sector.”, said MAS Fintech chief Sopnendu Mohanty in an interview with the online media.

At the same time, Sri Lanka`s neighbor India recently published a whitepaper after researching blockchain technology. According to the research arm of the Reserve Bank of India (RBI), the blockchain technology has “matured enough” to support the digitization of India`s fiat currency, the rupee.

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