RATE Group | No unit yet to track blockchain, cryptocurrency and AI at RBI
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No unit yet to track blockchain, cryptocurrency and AI at RBI

27 Sep No unit yet to track blockchain, cryptocurrency and AI at RBI

Posted at 18:42h in Cryptocurrency News by

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At a time when cryptocurrency, blockchain and artificial intelligence are seen as harbingers of major disruption in the global currency markets, the Reserve Bank of India still does not have a formal unit for tracking and policy-formation for such vanguard technologies.

In a reply to an RTI application by BusinessLine, the banking regulator has said that no new unit has been formally created in the bank.

BusinessLine had sought details of the sanctioned manpower strength, budget, equipment requirements, designation, academic and professional qualification of the unit head.

Units do exist in the RBI for important areas such as Financial Stability, Data and Information Management, Forecasting and Modelling, and HR Operations.

The lack of a formal unit flies in the face of the RBI’s own red flags raised over cryptocurrency trading in its 2017-18 annual report. “Though cryptocurrency may not currently pose systemic risks, its increasing popularity leading to price bubbles raises…

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