Private B-school Birla Institute of Management Technology (BIMTECH) has jumped on the crypto bandwagon with the launch of its blockchain-based digital currency BIMCOIN. The coin will facilitate instant crypto transactions among students, vendors, and administrators of the B-school through a permissioned blockchain platform.
Following IIT Madras, BIMTECH said it has become India’s first business management institute to launch its crypto BIMCOIN. BIMTECH and Kalp Decentra Foundation, a non-profit focusing on digital innovation, have also partnered to launch a Blockchain Learning Centre on campus.
“BIMCOIN streamlines payments, promotes transparency, and introduces advanced financial tools, ensuring enhanced security, fraud protection, and ethical practices,” the institute said.
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BIMCOIN would also serve as an educational tool, providing students with hands-on experience in blockchain technology, digital currencies, and real-world financial systems.
Speaking on the launch, Prabina Rajib, Director, BIMTECH, said, “BIMCOIN is more than a payment solution, it is an educational instrument that facilitates our students with practical experience in blockchain technology and digital currencies, shaping their readiness for careers in fintech.”
The coin in its pilot phase recorded over 1,100 transactions, addressing challenges such as technical integration and user onboarding through iterative testing and user training.
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The coin would now include additional rounds of close-net testing before campus-wide implementation. BIMTECH said it also plans to incorporate this technology into its academic syllabus through courses on blockchain, fintech, and digital innovation.
As cryptocurrencies, as an emerging technology, gain momentum and achieve legitimacy globally, they can have multiple use cases for educational institutions as well. For instance, low-cost and real-time fee collection, rewarding academic performance, event participation, and more.
Currently, cryptocurrencies in India occupy a unique position, being legal to trade and hold, yet not recognized as legal tender. This means that individuals and businesses can engage in cryptocurrency transactions, but these digital assets are not accepted as official currency for settling debts or payments.
In 2020, the Supreme Court of India lifted the Reserve Bank of India’s (RBI) 2018 ban on cryptocurrency transactions,
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