India’s Central Bank Denies ‘Formal Creation’ of Blockchain Unit

India’s Central Bank Denies ‘Formal Creation’ of Blockchain Unit

According to a report, the RBI has refused “formal creation” of a unit for the research of AI and Blockchain Technology.

Explanation after the investigation of Coin Crunch India came a few weeks after the central bank’s rumours to establish an estimated unit for “research and possibly draft rules” for emerging technologies.

In an article compiled by the unit, the Economic Times cited two unknown sources that were “familiar with the plans of the central bank”.

However, the founder of Coin Crunch India, Naimish Sanghvi, filed a Right to Information (RTI) request to confirm the claim of the article and to get more information about the department, such as those were heading the unit, and so on. Sanghvi received a response on September 26 that the claim made attempt should be denied.

Therefore, the RBI has constituted a unit to provide guidance and guide the desirability and viability of the central bank to start digital currency, “It seems that its approach on crypto usage has not become more generally soft.

With a step that shocks the local crypto industry and also causes exchange businesses to close down the business, the RBI has ordered the banks to issue a circular in April to prevent the services of cryptocurrency. As a result, the exchange has gone to survive on the crypto-to-crypto business, but the volume has been faced with the failure of the Fiat currency withdrawal and deposits.

In response to the ban, various organizations including exchanges have filed several counter-petitions with the formation of a joint case with the Supreme Court (SC).

The case was adjourned at the last hearing, although it is expected to resume soon.

 

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