The Reserve Bank of India (RBI) has quietly formed a new internal unit to track emerging technologies related to cryptocurrencies. The unit is dedicated to regulating and researching cryptocurrency, blockchain and AI. On Monday the Economic Times reported quoting tow sources similar to the plans of RBI. The unit has been tasked for a month and the bank’s management has appointed its leader.
One of the sources in the article commented,
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.
No formal announcement regarding the new team has been made and RBI has not responded to any of the queries. The development arises when after years of public caution the central bank said in a Supreme Court hearing in July 2018 that it was important to regulate the sector.
In April, the RBI issued a circular to all the financial institutions. It was to forbid them from providing or transacting services to companies and individuals related to cryptocurrencies. The effect of the order has had a paralyzing effect on domestic cryptocurrency trading.
In July the ban went into effect, despite attempts made by representatives of the crypto sector in court. In the two hearing of the filed petitions, the court did not grant a stay against the ban. The final hearing has been scheduled for 11th September.
The Indian officials have been working for the crypto industry on a regulatory framework in the meantime. The earlier statements said that the draft regulations would get ready in July, which was followed by another estimate. According to the news, by September, the Indian government is now expected to issue detailed cryptocurrency guidelines. Consultations with the stakeholders are underway.
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