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No Unit Established to Regulate, Supervise or Research on Crypto and Blockchain: RBI

September 28, 2018 12:06
Photo Credit: Hindustan Times
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So the mainstream media, which often relies on information provided by unnamed sources, has once again been proven wrong about crypto. About a month ago we had heard that RBI has established a new unit to regulate and supervise cryptocurrencies and blockchain. The report was first published by Economic Times, and it was based on the info provided by some sources of the publication. Now, however, RBI has debunked that theory in response to an RTI filed by some other publication.

Yep. Naimish Sanghvi from Coin Crunch India filed an RTI with Reserve Bank to learn more about the new “Crypto, Blockchain and AI Research Unit” the same day when its news was broken by ET. RBI sent its response to the query a month later, and here below is what it said:

“There is no new unit created formally in RBI for the purpose mentioned in RTI query. Therefore there is no information to furnish in the matter”.

Given below is a copy of the response sent by RBI, courtesy Coin Crunch India:

RTI query response

So the existence of a separate unit dedicated to cryptocurrencies and blockchain is now in question. However, RBI has said in past that there’s a need to monitor the developments of crypto space, so even if there’s no separate unit it doesn’t mean that the Central Bank is not keeping its eye on crypto space. We know that there’s a committee chaired by Economic Affairs Secretary Subhash Chandra that is working on the crypto regulatory framework of India, so it can be safely assumed that the same committee will also be keeping its eye on the major developments of crypto space.

Technology and business were my core interests, so it wasn't surprising that I got interested in cryptocurrencies, which operate at the intersection of both these things. Now I live my passion by trading cryptocurrencies and covering Cryptocurrency news. You can connect with me on Facebook to learn more about me. :)

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