Central Bank of India Will Form the Unit Responsible for Blockchain
The Central Bank of India announced its intention to form a unit dedicated to research related to blockchain technology, as well as digital assets. According to the report, which was published today by the Economic Times, the specialists of the Reserve Bank of India (RBI) will implement this project. About a month ago, the Office launched a mandate to conduct research and develop legislation for new technological solutions.
The article says:
"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."
Despite the fact that representatives of the Reserve Bank of the country haven't officially announced the launch of a new unit, this news follows the report of the Central Bank. The report detailed the court proceedings related to blockchain technology. Many experts representing the crypto community, suggested that such a publication can be regarded as rapid changes in the regulatory framework for the use of blockchain technology.
Earlier it was reported that the Institute for Development and Research of Banking Technologies (IDRBT), which was founded back in the 90s of the last century, is actively developing a prototype of the blockchain platform. Based on the report published by the RBI at the beginning of the year, IDRBT has already verified evidence of the concept of regulating trade finance transactions through a distributed network involving many representatives of the financial system - banks, payment companies and so on.