RATE Group | Indian Government Forms Blockchain and Cryptocurrency Task Force
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Indian Government Forms Blockchain and Cryptocurrency Task Force

28 Aug Indian Government Forms Blockchain and Cryptocurrency Task Force

Posted at 07:20h in Cryptocurrency News by

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Indian Government Forms Blockchain and Cryptocurrency Task Force

Despite an infamous crackdown on digital assets, the Reserve Bank of India (RBI) has created a task force to explore avenues and unique use-cases pertaining to blockchain technology, artificial intelligence and cryptocurrencies.

Task Force to Regulate Burgeoning Sector

The Indian Express recently reported that the RBI-led unit will supervise the burgeoning asset class and big data technologies, draft rules and regulations relevant to local sentiment, and conduct research to understand the three domains.

A person familiar with the RBI’s plans noted the bank has to “explore new areas” and emerging technologies before deciding on what must be adopted and what cannot. That said, the bank’s responsibility is to oversee the far-reaching effects of new fintech instruments and create optimal regulations. The person familiar with the matter went on to say:

“This new unit is on an experimental basis and will evolve as time passes.”

The committee is over a month old and is led by an…

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