India: RBI Forms New Unit To Track Blockchain & AI

in india •  22 days ago

In a new development coming from the central bank of India-RBI seems to have formed a new unit to understand cryptocurrency, blockchain technology and artificial intelligence.

As you know, RBI according to the RTI filed against it not too long ago showed us that the RBI was completely clueless about cryptocurrency and blockchain. Recent legal developments seems to have made it shift gears and get upto speed.

RBI.JPG

Source

According to ET: “As a regulator, the RBI also has to explore new emerging areas to check what can be adopted and what cannot. A central bank has to be on top to create regulations. This new unit is on an experimental basis and will evolve as time passes,” said one of the people cited above.

The new unit will be possibly draft rules as well as research into these emerging technologies. Currently the newly formed unit is about a month old, no formal announcement has been made so far about who is leading this initiative.

It seems as though RBI has had it's wake up call and is approaching this space logically by helping form some regulations for use of emerging tech in the country. As a participant in the cryptocurrency space I think it's about time they did so.


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This is pretty good news, when we have no good news.
We have to feel happy, when any small good news hear by us.

I'd love to buy some great indian curry for bitcoin, someday.

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Ray of hope....let see where the road of regulation takes us on the crypto world

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i don't think these morons will draft rules as well as research into these emerging technologies ... rather what i predict is they will find better ways to dictate and rob poor people like us creating more pressure and laws trying to centralize the system which they of course cannot do... if someone wants to master something they must learn first rather than ban it in the first place.

Hi @firepower, good to read this kind of information. According to me India is really big big industry for cryptocurrencey, how it is possible that people will not use digital currency. It is now technology era, so RBI will agree in the future. But no one has idea how much time RBI will take. But anyhow it is just starting and good sign for all people who are related to cryptcurrency.

@firepower i think gov. will sure find way to use blockchain .At the same time ,they will try to block or demotivate people to the road of cryptocurrency .But we will for sure get another way out.

Sounds good @firepower . We need them to really get a grasp on cryptocurrency and Steem. The more they know I think it will help our Industry !