central bank of india It has created a dedicated division for Fintech to define the regulatory framework of central bank digital currency and digital currency (CBDC).
RBI is working on two types of CBDCs, wholesale and retail, and now a new department will be tasked with overseeing their development. Meanwhile, India’s parliament is scheduled to consider cryptocurrency regulations. The central bank has not succeeded in trying to “prohibit” Banks from dealing with crypto exchanges in the past
The new division will be controlled by Ajay Kumar Choudhary, whoappointmentFrom RBI to Executive Director It said he would “oversee the Fintech department, the risk review department, and the audit department”.
“You can expect action from Ajay Kumar Choudhary on central bank digital currencies. This may indicate a rapid shift from the RBI standpoint to the CBDC pilot,” said a source with knowledge of the matter.
Vivan Sharan, a technology and policy expert who has worked with government in the past, said: “This is a positive sign of our intention to build real regulatory capabilities to oversee the fast-growing fintech industry.”
The post Reserve Bank of India Set up a dedicated FinTech department to keep up with the challenges posed by Crypto , CBDC appeared first on Bitcoin Addict.