Musiccosmos

India’s central bank has reportedly formed a new unit within the organization to tackle research and regulatory frameworks for new technologies including blockchain, cryptocurrency, and artificial intelligence. According to a report from the Economic Times on Monday citing sources familiar with the matter, the Reserve Bank of India (RBI) launched the new unit about a month old in a move aimed to “research and possibly draft rules” to supervise these emerging tech. “As a regulator, the RBI also has to explore new emerging areas to check what can be adopted and what cannot. … This new unit is on an experimental basis and will evolve as time passes,” one of the sources was quoted as saying. While the RBI has not announced the unit officially, the news followed the central bank’s report which detailed its blockchain-related trials and hinted at a move for creating blockchain regulatory frameworks. CoinDesk reported  last year that the Institute for Development and Research in Ba...

The Indian government is considering whether to allow crypto tokens to be used in the country, despite its hardline stance on cryptocurrencies, local news outlet DNA India reports August 10. A committee set up by the finance ministry, under the chairmanship of the Department of Economic Affairs (DEA) secretary, is reportedly working on a set of regulations and roadmap to allow certain crypto assets to be used in India. Once the draft proposals are finalized, the legislation will be tabled before the Parliament, according to DNA’s source. DEA secretary Subhash Chandra Garg, who is heading the committee, is quoted by DNA as saying: “The committee is studying the possibility of using cryptocurrencies or crypto technology (distributed ledger technology) for financial transactions and also what kind of regulations are needed for that…[while] the currency is totally banned, the committee is discussing its other usage and how it can be mainstreamed in India.” While emphasizing that ...