ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Reserve Bank of India Employs a Special Unit to Comprehend Cryptocurrencies, Blockchain, AI

Arshmeet Hora by Arshmeet Hora
August 28, 2018
in News
0
RBI | Reserve Bank Of India | Cryptocurrency | Special Unit | Cryptocurrency Regulations
0
SHARES
57
VIEWS
Share on FacebookShare on Twitter

Cryptocurrencies and Blockchain have formed a love-hate relationship with many governments. The Reserve Bank of India (RBI) reportedly formed a special unit in an attempt to comprehend the digital assets better.

Though a formal announcement hasn’t been made by RBI and the RBI has not responded to media queries for more details. The EconomicTimes reports that the central bank of India has initiated a special unit that will track emerging technologies and enhance its knowledge about the development of digital assets, the blockchain, and artificial intelligence applications. One of the individuals cited in the article stated:

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.

According to the reports, the members of the new unit will supervise the sector and are expected to draft rules for the same in the near future.

RBI’s Team of Experts

The action reflects RBI’s intend to improve its own capacity in the field. The report notes that the unit was formed about a month ago and the bank’s management has already appointed its leader. The Economic Times also quotes another industry veteran, Piyush Singh, managing director of financial services for the Asia Pacific and Africa at Accenture,

Singh observes that the regulators need to be a part of the ecosystem to comprehend what is acceptable and what is not. A half-baked decision would not regulate the industry nor would it protect the consumers who use it. He believes that RBI is making right choices given that the new market is changing business models.

Crypto Ban In India

Like many governing nations, India has been cautious about allowing cryptocurrency. The news about the formation of the new research unit comes after multiple warnings engaging in crypto transactions issued by the Indian central bank. Last year, in December, RBI cited a number of crypto-related risks of economic, financial and legal character. This year it prohibited all regulated financial institutions to provide services pertaining to cryptocurrencies.

Despite a number of challenges by the representatives of the crypto sector, the Ban went into effect in July. The supreme court of India did not lift the ban in India, though a final hearing is scheduled for September 11.

Meanwhile, Indian officials are busy spelling out the regulatory framework for the crypto industry. It is expected that the Indian government will issue detailed cryptocurrency guidelines, by 2018 end.

Read more: Tax On Cryptocurrencies Like Bitcoin In India

 

Tags: Blockchain NewsBlockchain technologyblockchain updatesBlokchain in IndiaCryptocurrency IndiaCryptocurrency NewsLatest Cryptocurrency NewsLatest Cryptocurrency Updates
Previous Post

SUBAJ: Combining Blockchain,AR And Social Gamification To Redefine Shopping

Next Post

Why Indian Government Will Legalize Cryptocurrencies Such As Bitcoin

Next Post
Cryptocurrency | India | Regulations | Cryptocurrency India |

Why Indian Government Will Legalize Cryptocurrencies Such As Bitcoin

Recent Stories

ETH Price Analysis: New Record Highs on ETH/USD at $1,440, Ethereum’s Daily Transaction Goes Parabolic

ETH Price Analysis: New Record Highs on ETH/USD at $1,440, Ethereum’s Daily Transaction Goes Parabolic

January 19, 2021
Bitcoins

How to invest in Bitcoins?

January 19, 2021
traders

How do trading robots help traders?

January 19, 2021
BCH Price Analysis: BCH/USD Consolidates Rebound From $397 Lows, Microblogging App Fueled by Bitcoin Cash Emerges

BCH Price Analysis: BCH/USD Consolidates Rebound From $397 Lows, Microblogging App Fueled by Bitcoin Cash Emerges

January 18, 2021
Chainlink

ChainLink Exceeds Bitcoin Cash As 8th Largest Crypto Asset

January 18, 2021
BitMEX

JPMorgan Strategists Say BTC May Suffer Investment Outflow Except It Exceeds $40,000

January 18, 2021

Move Over BitCoin… There’s a New Chief in Town!

January 18, 2021
BTC

As Bitcoin Consolidates, This Is What Analysts Are Saying on BTC, Chainlink, Aave, and SushiSwap Price Outlook

January 17, 2021
Polkadot

Ripple (XRP) Is Now the Fifth-Largest Cryptocurrency As Polkadot, Chainlink, AAVE Explode to Fresh Highs

January 16, 2021
ADA/USD

Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

January 16, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 35,336.00 3.36%
  • ethereumEthereum (ETH) $ 1,356.28 2.05%
  • tetherTether (USDT) $ 1.00 0.01%
  • bitcoin-cashBitcoin Cash (BCH) $ 500.56 3.35%
  • binancecoinBinance Coin (BNB) $ 41.95 7.65%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree