Several leading Indian corporations and banks are experimenting with internal cryptocurrency as a more transparent tool for managing accounts and working capital. This was reported by The Economic Times (ET), citing its own sources.
They called in the number of enterprises implementing such pilot projects, Hindustan Unilever Ltd (HUL), Reliance Industries, HDFC Bank and ABG Shipyard. The company declined to comment, but some interlocutors business publication directly worked on such blockchain projects manage internal Treasury, accounting and trade Finance.
“Cryptocurrency will be used by companies and banks exclusively inside. It will be effective as a tool of working capital management, where instead of actual transfer of money will be transferred cryptocurrency, and the account will be reconciled later,” — said one of the sources of ET.
In addition, the internal cryptocurrency can be used for money transfers between affiliated companies these transactions can amount to millions on a daily basis, especially in the areas of infrastructure and banking business.
“The biggest problem with some companies is that between subsidiaries occurs multiple transactions, and the only record is the minutes of the meetings. Many companies spend huge cash transactions, and keep a record of all these operations is not easy, but the blockchain can be a good source for this,” — said a senior technical specialist working on one of the pilot projects.
According to partner and head of the financial Council, KPMG in India Venkateshwaran SAI (Sai Venkateshwaran), in addition to greater efficiency and accuracy, such blockchain solutions have the potential to increase the level of transparency in the management of internal accounts, as well as to save money.
ET reminded that companies have to consider the position of the regulators of India, does not consider bitcoin legal tender. In addition, the country’s Central Bank (RBI) banned financial institutions maintaining accounts involved in cryptocurrency trading. But local experts believe that using the underlying blockchain technology is no problem in the country, and the virtual currency will be treated within the company that the RBI was not forbidden.