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JPMorgan Turns to Blockchain for Dollar Trades in India Hub
JPMorgan is partnering with six major Indian banks to pilot a blockchain platform for interbank dollar transactions in the Gujarat International Finance Tec-City (GIFT City).
The platform will leverage JPMorgan's Onyx blockchain solution to enable instant, round-the-clock settlements allowing GIFT City banks to operate effectively on their own time zones. This initiative supports New Delhi's efforts to establish GIFT City as an international financial center, competing with Singapore and Dubai.