Never formed internal unit on Blockchain and Cryptocurrency, says RBI

Written by October 1, 2018 19:27

New Delhi: In a recent development from the world of crypto-currencies, blockchain technology and Artificial Intelligence, the Reserve Bank of India (RBI) has denied permission to form an internal unit dedicated to conduct research them.

Earlier in August, it was reported that the Reserve Bank of India (RBI) had formed a new unit for researching and even regulating blockchain and other disruptive technologies.

However, denying the report, the RBI stated that there was no crypto-focused formal unit within the central bank. The central bank was responding to a right to information (RTI) query by Naimish Sanghvi, who runs Indian industry publication Coin Crunch.

What Supreme Court says

As of now, India will have to wait further for crypto-currency regulations as the Finance Ministry is still evaluating how to treat blockchain and crypto-currencies separately. Also, the Supreme Court of India is still hearing the case on what will be the status of crypto-currencies in the country.

Earlier this year, the Reserve Bank of India (RBI) had cracked the whip on the crypto exchanges, asking banks to wind up all business relationship with them and investors.

In April, RBI announced that it will stop providing services to businesses or persons dealing with cryptocurrencies. The ban on crypto-dealing received a huge backlash from the crypto-community and an online petition to reverse the ban generated over 44,000 signatures.

The crypto community got no respite from Supreme Court and the apex court ordered that no petitions can be filed in any Indian High Court against the RBI decision to ban crypto dealings.

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