The this comment amused me because I worked for a company which was working with NPCI to replace UPI with a blockchain based system. NCPI wanted to replace the

The this comment amused me because I worked for a company which was working with NPCI to replace UPI with a blockchain based system. NCPI wanted to replace the current system because it was deemed too centralised and they were investing money in trying to decentralise it. Not sure what happened with the project though... Presumably it continues behind the scenes. See [0] for some quotes from the CEO of NPCI on his thoughts about blockchain. Also the comment about private money is not true. There was a free banking regime in Scotland in the 1700s and 1800s. See [1] and [2] for some discussion. I've read a reasonable amount on the subject and economists typically agree it was a successful regime. [0] https://www.ledgerinsights.com/payment-rail-npci-indian-blockchain-platform/ https://www.ledgerinsights.com/payment-rail-npci-indian-bloc... [1] https://iea.org.uk/blog/free-banking-was-robust-and-effective https://iea.org.uk/blog/free-banking-was-robust-and-effectiv... [2] https://menghublog.wordpress.com/2012/06/08/on-the-success-of-free-banking-in-scotland-1716-1844/ https://menghublog.wordpress.com/2012/06/08/on-the-success-o...