Andhra Pradesh: Bitcoins will help in secure transactions

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Bitcoins could be used by self-help groups and cooperatives to manage their finances, to ensure secure and transparent transactions.

Visakhapatnam: J.A. Chowdary, the IT advisor to the AP government, said that the digital currency Bitcoins could be used by self-help groups and cooperatives to manage their finances, to ensure secure and transparent transactions.

“A startup is already working towards it. If everything goes well, we can implement it in the state with the RBI’s permission. There will be barriers in the implementation of every concept. But the startup can approach the RBI and get the required approvals. We should be open to new technologies, block chain technologies too. In our state, we can have our own Bitcoins that are equivalent to rupees,” he said. Block chain technology is largely used in the safe storage of documents.

“The Bitcoin concept will help in promoting a cashless society. The crypto currency model can be used for groups involved in microfinance projects under the Development of Women and Children in Rural Area, for better accountability,” he added.

Mr Chowdary also spoke about plans for the optic fibre project that was being taken up in the city, to provide Internet access to all homes. He said that this could help to make it possible to conduct financial transactions via television screens, using people’s eye scans.

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