After the Reserve Bank of India tried to stifle the growth of innovation in the local market digital assets draconian laws, he embarked on a mission connected with bloccano, crypto and artificial intelligence (AI).
Although Central banking authority has not yet made an official statement on this matter, reported that it has formed an internal structure that will work with developing technology.
Citing unnamed sources, the newspaper Economic Times reported that the new structure was created about a month ago. The head is not called, but sources say that it is a major leader.
The source also claims that the author of the concept behind this step — Urjit Patel, the current Bank Manager. The idea was born to him soon after two years ago, he took the post of the head.
Perhaps the reason why the Bank is still silent on the establishment of the Department of the blockchain and the AI, is that the project is at an experimental stage. As one of the sources of the Economic Times:
As a regulator, RBI should examine new emerging areas, to understand what is and what is not. The Central Bank needs to be number one, to regulate the sector. The new structure is experimental and will evolve.
Reserve Bank of India are often accused of “hard-line” as an easy way of solving complex problems. In April the Bank had addressed all banks and are accountable to financial institutions circular, demanding not to provide services to cryptocurrency businesses. Businessmen and traders in response, accused the Bank despotism and injustice.
During the hearings in the Supreme court of India in July of this year, representatives of RBI said that the need to resolve cryptonomicon to protect investors from financial crimes and abuse. In the end, was formulated by a working group consisting of government officials, not associated with the Bank. She evaluated the possible steps to resolve cryptoeconomy and rejected the idea of a total ban, saying that it makes sense to consider scriptactive goods.
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