Birla Institute of Management Technology, a premier business school in India, has launched its in-house cryptocurrency for use on campus.
Dubbed BIMCOIN, the cryptocurrency will help enable transactions between students, vendors, and administrators while also serving as a practical tool for hands-on learning in blockchain and digital finance, according to an official press release.
BIMTECH, which is supported by the Birla group of companies, an Indian conglomerate, partnered with the Kalp Decentra Foundation, a non-profit organization focused on digital innovation, to develop BIMCOIN on a permissioned blockchain.
For those unaware, permissioned blockchains are private or semi-private blockchain networks that require authorization to participate. Unlike public blockchains, where anyone can join and validate transactions, permissioned blockchains limit access to approved participants, ensuring greater control, security, and efficiency.
Businesses and institutions commonly use them for applications such as supply chain management and other tailored use cases.
According to BIMTECH director Prabina Rajib, 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, thereby preparing them for careers in fintech.
BIMTECH plans to integrate BIMCOIN into its academic curriculum to solidify its role as a practical educational tool.
A pilot for BIMCOIN has already been conducted, focused on addressing challenges such as technical integration and user onboarding, during which it recorded over 1,100 transactions. For the next phase, BIMCOIN will undergo additional rounds of close-network testing to refine its functionality, after which it will see a full-scale campus-wide rollout.
BIMCOIN has been launched as India witnesses a nationwide surge in cryptocurrency and blockchain adoption. Last week, India’s largest telecom operator, Reliance Jio, partnered with blockchain developer Polygon Labs to introduce JioCoin, a reward token developed on the Polygon blockchain.
Yet crypto remains a peripheral topic for lawmakers who have remained relatively quiet over their official stance. Regulators like the Reserve Bank of India have raised concerns over the risks posed by cryptocurrencies and have instead advocated for the adoption of its CBDC initiative, the digital rupee.
