🌎 Indian Business School Launches BIMCOIN Cryptocurrency

Indian Business School Launches In-House Cryptocurrency, BIMCOIN

The Birla Institute of Management Technology (BIMTECH), a premier business school in India, has introduced its own cryptocurrency, BIMCOIN, designed for use on campus. This initiative aims to facilitate transactions among students, vendors, and administrators, while also serving as a practical learning tool for blockchain and digital finance.

Development and Features

BIMTECH partnered with the Kalp Decentra Foundation, a non-profit organization focused on digital innovation, to develop BIMCOIN on a permissioned blockchain. Permissioned blockchains are private or semi-private networks that require authorization to participate, ensuring greater control, security, and efficiency. This type of blockchain is commonly used by businesses and institutions for applications such as supply chain management.

Practical Educational Tool

According to BIMTECH director Prabina Rajib, BIMCOIN will serve as an “educational instrument” to provide students with hands-on experience in blockchain technology and digital currencies, preparing them for careers in fintech. The cryptocurrency will be integrated into the academic curriculum to solidify its role as a practical educational tool.

“BIMCOIN will function beyond just a payment solution, acting as an educational instrument to provide students with practical exposure to blockchain technology and digital currencies.”

Pilot and Future Plans

A pilot for BIMCOIN has already been conducted, addressing challenges such as technical integration and user onboarding, with over 1,100 transactions recorded. The next phase will involve additional rounds of close-network testing to refine its functionality, followed by a full-scale campus-wide rollout.

India’s Growing Cryptocurrency Adoption

The launch of BIMCOIN comes as India witnesses a nationwide surge in cryptocurrency and blockchain adoption. However, regulators like the Reserve Bank of India have raised concerns over the risks posed by cryptocurrencies, advocating for the adoption of its Central Bank Digital Currency (CBDC) initiative, the digital rupee.

Some key benefits of BIMCOIN include: