A new subdivision of the Central Bank of India will engage in detailed research and regulation of the blockchain technology.
The Reserve Bank of India (RBI) has set up an internal unit for a detailed study of innovative technologies and discoveries in the field of cryptocurrency, blockchain and artificial intelligence.
The new division of the Central Bank of India is still working in a test mode, and the media still do not know the name of the official heading it. In RBI comment on the decision to create it:
“RBI needs to conduct constant research in the field of the innovative technologies to create rules that regulate this sector of the economy”
At the same time, the central bank of the country still defends the right to regulate the cryptocurrency market in the country’s Supreme Court, although before that it actively sought to limit its development.
Back in April of this year, RBI issued an order obliging the financial institutions under its jurisdiction to refuse to provide services to companies associated with cryptocurrency.
The mandate had a negative impact on the country’s internal cryptocurrency market and forced the company’s blockchain company to file a retaliatory action with a request to cancel the RBI ban. Some companies were also forced to withdraw to the informal sector of the economy due to strict regulation.
Now the case is also considered in the Supreme Court, however, it is already known that many government officials support the crypto community and oppose the ban on RBI, saying that bitcoin should be classified as a commodity.
Previously, RBI offered to digitize rupees and call the state cryptocurrency “Lakshmi”, in honor of the Indian goddess of wealth and prosperity.