According to a recent official report, this clarification was revealed after an investigation by Coin CrunchIndiawhena rumour wasreportedthat the RBI has setupthe supposed unit to research andpresumablydraft rules for the new risingtechnologies.
In line with the article on the unit’s supposed creation, the local news report by ‘Economic Times’ had citedtwounknown sourceswhowere familiar with the RBI’s plans.
However, Naimish Sanghvi,founding father ofCoin Crunch, filedanRight Toinformation[RTI] requestingto verifythe article’s claim and gainadditionalinfoconcerningthe department,likewhowas heading the unit, and so on.
Naimish received a response on 26th September, denying the claimed reporting.
Adding further RBI mentioned:
“Thereisn’t anynew unit created formally intallyforthe aim(Blockchain, Crypto and AI) mentioned in RTI query”.
However, It was believed that RBI has formed a new unit to studyand supplysteeringon the desirability andpracticabilityto introduce acentraldigital currency, ratherly for now itappearsits stance on crypto to useformallyhas not still being softened.
In a move thatshockedthenativecryptotradeand has even caused exchange businesses tostop commercialism, theRBIrevealed a circular ordering banks to completely ban services to cryptocurrency businesses till the month of Apr. by this year. With fiat currency withdrawals and depositsnot possibleas a result, exchanges haveshiftedto survive on crypto-to-cryptocommercialism thereby seriously affecting the daily trade volumes.
In response to the ban,severalentities, including, exchanges, have filedmanycounter petitions with the Supreme Court in India in what has become a combined case.
In the last hearing, the Supreme Court postponed the filed case,thoughit’sexpected to resumevery soon.
RBI’s Response denying the claimed report can be seen here.