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Top Companies Rely On Cryptocurrency For Internal Transacts

Corporations employ cryptocurrency to disburse vendors and suppliers, and carry out internal transacts.
BY BEx Bureau
BusinessEx
Jan 05, 2019

Many top organizations have initiated using cryptocurrency in the business to carry out transactions, optimally employ the working capital and disbursing vendors as well as suppliers. While employing the cryptocurrency the organizations ensure to comply with the regulatory guidelines.

An anonymous source states, Even as bitcoin loses sheen, some companies and banks are looking to use digital currency for their internal operations based on blockchain technology. (Source ET)

Other anonymous sources said, They said Hindustan UnileverNSE -0.37 per cent Ltd (HUL), Reliance Industries NSE 0.54 per cent Ltd (RIL), HDFC Bank and ABG Shipyard are among those running such pilots for internal treasury management, record keeping and trade finance functions. (Source ET)

On this, HUL (Hindustan Unilever Limited) said that it is constantly looking to bolster digital capabilities. RIL, HDFC Bank and ABG Shipyard didn't respond to queries. (Source ET)

In addition to top corporations, the central bank, RBI has acknowledged the use of cryptocurrency. Last week, RBI sent a report to FSB (Financial Stability Board) quoting, The FSB has undertaken a review of the financial stability risks posed by the rapid growth of crypto-assets. Its initial assessment is that crypto-assets do not pose risks to global financial stability currently. (Source- Quartz)

Nonetheless, the central bank also gave a cautious impression stating, The market continues to evolve rapidly, however, and this initial assessment could change if crypto-assets were to become more widely used or interconnected with the core of the regulated financial system. (Source-Quartz)

This manifests that cryptocurrency can be employed in the business without crossing the extreme usage.

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