In a bid to keep a track on emerging technologies like cryptocurrency, blockchain and Artificial Intelligence (AI), the Reserve Bank of India (RBI) has introduced a new unit.
As per the sources, this new unit will conduct research and possible draft rules and supervise the tech-innovations in the future.
“As a regulator, the RBI also has to explore new emerging areas to check what can be adopted and what cannot. A central bank has to be on top to create regulations. This new unit is on an experimental basis and will evolve as time passes,” said an official.
A formal announcement on the unit is awaited however a Chief General Manager is identified to lead it. The unit is just about a month old.
Sources suggest that the apex body has formed the unit to put control over the rising menace of cryptocurrencies.
RBI issued several warnings against cryptocurrencies in December 2017 when Bitcoins’ popularity hit a record high.
The central bank is also planning to set up data sciences laboratory in April along with professionals from computer science, data analytics, statistics, economics, econometrics and finance background.