The Reserve Bank of India formed a unit last month to study “emerging” technologies including cryptocurrencies, blockchain and artificial intelligence, according to two sources quoted by India’s Economic Times.
This is the same bank that admitted in a court hearing it had banned cryptocurrencies in July without listening to a panel of experts or reading a research paper. A month later India’s finance ministry reportedly set up a committee to study other ways of allowing cryptocurrency to be used for things not related to payments.
It turns out the bank set up its own committee last month, too, the unnamed sources told Economic Times. There has been no official announcement, and the bank has not commented on the report.
“As a regulator, the RBI also has to explore new emerging areas to check what can be adopted and what cannot,” one unnamed source said. “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 two sources said the unit will research and maybe even draft rules and supervise the emerging technologies. Read more here.