New Reserve Bank of India Team to Research All Things Blockchain and Cryptocurrency
Reserve Bank of India Initiates New Task Force to Explore All Matters Crypto
India’s central bank, Reserve Bank of India (RBI), has recently announced the formation of new unit that will explore cryptocurrencies in terms of the necessary rules and regulations as well as providing research-backed usefulness of the technology at hand.
First reported by The Economic Times, details regarding this new endeavor was allegedly revealed by two sources who have close ties to the RBI. This endeavor does not come of surprise, as India has postponed its decision on how to deal with cryptocurrencies until September 11, 2018.
As per the quoted source, it must be RBI’s responsibility to stay on top of their game, especially when it comes to creating regulations. Furthermore, the individual believes that the central bank should properly assess “what can be adopted and what cannot.” With just two weeks left until the country’s final say on the digital assets, RBI’s step towards arriving to a conclusion is currently in its “experimental basis and will evolve as time passes.”
According to news.Bitcoin.com, the second source seems to be Managing Director of Financial Services for Asia Pacific and Africa at Accenture, Piyush Singh. Singh supports RBI’s decision, as he views their move as one that is necessary in a time filled with transforming technologies and business protocols.
Although the RBI is taking necessary action towards understanding cryptocurrencies, as opposed to completely shutting down its likes (i.e. China’s recent approach), the country’s ban still remains. That is, banks are still restricted from participating in cryptocurrency transactions.
Did you expect India to take such a direction towards exploring cryptocurrencies? Might India arrive to fair and feasible regulations? Let us know what you think!