Blockchain, Featured

RBI Denies Formation Of Cryptocurrency Technology Aka Blockchain Unit

The Reserve Bank of India has officially denied any formation of cryptocurrency technology blockchain or artificial intelligence unit within their department. The breaking news was reported back earlier last month citing that the central bank is planning to create a separate unit for the emerging blockchain and cryptocurrency. However, nothing was officially confirmed about the same, but the latest update has discarded the viral report.

According to Coin Crunch, the official statement of RBI came after to one of the RTI query quoting that there is no such unit, therefore, there is no information to be given in the matter. The report of this unit was first published by ET informing that there is a formation of a new unit in the central bank to enhance its intellectual capital in the emerging technologies. The news was quickly picked by several other platforms and it spread all over the media.

Naimish Sanghvi, founder of Coin Crunch India, filed this Right To Information (RTI) hoping to confirm the news and the article’s claim along with more information on the same such as the head of this alleged AI and cryptocurrency technology unit. Sanghvi received an official response on September 26, denying any such claimed effort as cited by Coin Desk.

Reserve Bank Of India, Cryptocurrency & Blockchain Technology

RBI has been opposing cryptocurrency trade right from the beginning of this year. As a result of the ban, all the financial institutions were instructed to prohibit all transactions of digital coins and crypto trade. But, no such rule implied on blockchain technology. In fact, the government has already begun implementing within various departments already.

Cryptocurrency technology is already making its way into different sectors including banks; however, RBI has got no such debut of blockchain until now. Perhaps, later in future, the central governing body of the bank might adopt the same.

[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. ]
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Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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