Central Bank of India have created a group to study the blockchain

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Central Bank of India have created a group to study the blockchain

Reserve Bank of India announced the creation of inner structure, which will deal with the study and regulation of new technologies such as the blockchain.

Reportedly, the Department has been working for a month, but was announced only now. It is unknown who is his boss.

The Central Bank must always follow the innovations in order to modernize the legislation. Currently our Department is working in test mode, but it will gradually develop and expand.

This development was quite unexpected in light of the fact that the Central Bank several years prevents the General public to trade cryptocurrencies. However, at the hearing of the Supreme Court last month the Bank admitted that the digital currency and everything connected with them, must be addressed.

In April this year issued a decree according to which all regulated financial institutions and organizations, including banks, are prohibited from providing services or processing transactions of companies that operate in cryptocurrency.

The research Department also noted that the blockchain is already Mature enough in order to reprovisioning the Indian national currency, the rupee, thereby turning it into a cryptocurrency. Corroborating this view, the technical documentation was published in January last year.

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