India’s Apex Bank Forms New Unit to Handle Blockchain Regulations

The Reserve Bank of India (RBI) – the country’s apex bank, has set up a department tasked with monitoring developments in cryptocurrency, blockchain technology, and artificial intelligence. This move comes as commercial banks are still prohibited from facilitating cryptocurrency transactions and the Supreme court decision on the matter expected later in September 2018. Staying Ahead of the Blockchain and AI Curve According to the Economic Times, the new unit within the RBI will be responsible for drafting rules and monitoring the latest developments in the emerging technology ecosystem. Inside sources at the RBI said that: 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. The RBI is yet to make an official announcement…

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