{"id":79088,"date":"2018-08-27T21:00:59","date_gmt":"2018-08-28T04:00:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=79088"},"modified":"2018-09-09T19:14:26","modified_gmt":"2018-09-10T02:14:26","slug":"indian-government-forms-blockchain-and-cryptocurrency-task-force","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/indian-government-forms-blockchain-and-cryptocurrency-task-force\/","title":{"rendered":"Indian Government Forms Blockchain and Cryptocurrency Task Force"},"content":{"rendered":"

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.<\/p>\n

Task Force to Regulate Burgeoning Sector<\/h2>\n

The Indian Express<\/a> 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.<\/p>\n

A person familiar with the RBI\u2019s plans noted the bank has to \u201cexplore new areas\u201d and emerging technologies before deciding on what must be adopted and what cannot. That said, the bank\u2019s 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:<\/p>\n

\u201cThis new unit is on an experimental basis and will evolve as time passes.”<\/p><\/blockquote>\n

The committee is over a month old and is led\u00a0by an unidentified chief general manager; however, a formal statement in this regard has not been issued.<\/p>\n

Industry Observers Speak<\/h2>\n

Market analysts commented the RBI is \u201cdoing the right thing\u201d when technologies like cryptocurrencies and blockchain seem primed to augment, or change, entire businesses.<\/p>\n

\"\"
Related: Indian Government Officials Propose \u201cCrypto Tokens,\u201d Maintain Negative Crypto Outlook<\/a><\/figcaption><\/figure>\n

Piyush Singh, director of financial services at Accenture Asia Pacific, noted that regulators are inevitable for any burgeoning ecosystem\u2013as they understand such technologies, define clearly what is accepted by the state and seek to actively regulate industries while protecting customer interest.<\/p>\n

Singh continued:<\/p>\n

\u201cThis is true especially in the financial world where paper-based regulations are a pass\u00e9 due to the onset of digital technologies. It is extremely important and the right thing to do from RBI's perspective.\u201d<\/p><\/blockquote>\n

Interestingly, the RBI unit was formed despite the bank\u2019s strict stance against cryptocurrencies. The agency has banned all Indian banks from providing services to cryptocurrency businesses and is known to crack down on Bitcoin<\/a> traders in the country.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":65,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nIndian Government Forms Blockchain and Cryptocurrency Task Force<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of India (RBI) has created a task force to explore avenues and unique use-cases pertaining to blockchain, AI and cryptocurrencies.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/indian-government-forms-blockchain-and-cryptocurrency-task-force\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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