The Reserve Bank of India (RBI) has reportedly established a new internal unit dedicated to researching and regulating new emerging technologies, specifically cryptocurrency, blockchain and artificial intelligence (AI).
The Reserve Bank of India (RBI) has formed a new internal unit for the purpose of researching and regulating new emerging and disruptive technologies, such as cryptocurrency, blockchain, and artificial intelligence. This decision comes following years of the central bank cautioning the public against trading cryptocurrencies. Earlier this April, there had been a ban forbidding financial institutions from interacting with any cryptocurrency-related companies until its recent repeal by senior government officials. This new regulatory unit is experimental, having allegedly been operating for a month already, and exercises the supervision of this new sector, which they classify as commodities. The Reserve Bank of India is also actively taking advantage of blockchain technologies to be implemented into many different industries and are currently developing their own blockchain platform to support multiple commercial Indian banking applications.