Senior RBI official also seemed to suggest that India’s fiat-based P2P payment system UPI is simpler and more successful than blockchain technology.
Comparison With UPI
He said, “One of the reasons it [UPI] is so successful is because it’s simple…Blockchain, which was introduced six-eight years before UPI started, even today is being referred to as a potentially revolutionary technology. [Blockchain] use cases haven’t really been established that much at the speed it initially was hoped for.”
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