In March we reported that JP Morgan was planning a pilot for blockchain-based bank accounts for U.S. dollars in India’s GIFT City, an international financial center. Bloomberg reported that the pilot started today and will run for a few months, according to Kaustubh Kulkarni, senior country officer at JP Morgan.
India is promoting Gujarat International Finance Tec-City, or GIFT City as a competitor to Singapore and Dubai. The Reserve Bank of India recently opened its domestic non-deliverable forward market for forex derivatives to banks operating in International Financial Services Centers (IFSCs) such as GIFT City.
Rupee dollar forex contracts need to settle in dollars which would usually only happen during U.S. bank opening hours.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
