Could blockchain be the key that will open the door to a cashless society? That’s what the Reserve Bank of India is banking on.

India is considered to be one of the largest cash dependent nations in the world, which, in turn, has created a challenge for the Indian central bank to find ways to ensure that the country’s monetary system remains liquid. So far, the Reserve Bank of India has been printing more currency notes in exchange for the old banknotes that have been put out of commission.

This time, however, the central bank is planning to look into other ways—such as blockchain—as a possible solution to reduce the use of paper currency.

Reserve Bank of India deputy governor HR Khan said the central bank is forming a committee that will study the use of blockchain, telling the Times of India: “Blockchain is one thing that has come out of bitcoin which provides a lot of flexibility in terms of financial transactions. So, we need to study… how this blockchain technology can be used in financial transactions where the entire data systems move to some more levels.”