Despite banning cryptocurrency from the payment system the Reserve Bank has created a separate unit for blockchain technology in India. It is the digital public ledger operational system which makes the crypto trade run on a network. But RBI is solely interested in the blockchain part sans crypto trade. They have set up a new unit for the development of blockchain along with artificial intelligence.
According to Token Post, it is stated that this unit will implement more time and efforts in the research of blockchain technology in India. Their specific designated teams will draft rules and supervise emerging trends of the technology in the future. However, no official statements have been made about his newly built unit, but, it is reportedly said that it is already a month old and a chief general manager has already been appointed to lead the entire unit.
The government has been showing a keen interest in the adoption of blockchain while presenting the Union Budget of 2018-19. Indian Finance Minister Arun Jaitley stated that the government will explore the new technologies like blockchain for the enhancement of the “Digital India Campaign”. The Indian government agencies have been inclined towards a better and efficient operating system which is synonymous to blockchain technology in India.
Director of the RBI’s research arm, the Institute for Development and Research in Banking Technology (IDRBT), AS Ramasastri mentioned last year that their institute is developing a blockchain-based system for various banking applications.
Blockchain Technology In India V/S Cryptocurrency
It is not less than an irony that blockchain originally evolved as an operating platform for the cryptocurrency. But, blockchain became more readily adopted with time jumping on to various other domains like finance, banking, healthcare, infrastructure, real estate automobile and many more. The handful of countries have already greenlit the crypto trade within their markets but India is yet to finalize its role in the market.
It is speculated that the government is planning to launch crypto coins in the market as commodities which can be monitored and controlled by the agencies. However, it is yet to be announced officially.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]