The Reserve Bank of India has formed a dedicated department that will deal with the development of the digital rupee and the creation of regulations for the regulation of the cryptocurrency industry.
Ajay Kumar Choudhary has been appointed Executive Director of the new division, who will also lead the financial technology and risk monitoring departments of RBI. Now the Indian central bank is working on the creation of two types of digital rupee – for wholesale and retail payments. The creation of a department should speed up its development, testing and launch.
The new RBI division plans to study the risks associated with the use of cryptocurrencies, as well as think over options for solving these problems. The Indian authorities continue to study the international practice of supervising the digital asset industry and are going to achieve the adoption of a law on the regulation of cryptocurrencies and the creation of a national digital currency in 2022.
Market participants and experts have long called on the Indian government to create clear rules for regulating cryptocurrencies. Indian economist Vivan Sharan believes that the new department of the central bank will help establish payments in the country using the latest technology.
Indian nationalists have previously proposed to completely ban cryptocurrencies, while including in the future law a provision on the implementation of blockchain in any field of activity.
