A recent report of the RBI says that a unit for researching AI and blockchain tech will not be created in the country.
Coin Crunch India was investigating this news on the basis of rumours that the central bank has already set up the following unit. It was an article published by the Economic Times and mentioning 2 anonymous sources which were aware of the plans the central bank has.
It encouraged Naimish Sanghvi, founder of Coin Crunch India, to file an Right To Information (RTI) request to get a confirmation of this rumour and learn more details about the unit. On September 26, he got a response where it was said that the claim was denied. He announced that none of units connected with crypto industry were created.
At the time when the RBI created a unit for study in and providing guidance for the introduction of a digital coin in central bank, the attitude of the latter one regarding cryptomarket has not softened.
Such a news has shaken Indian crypto market and some exchange websites even stopped trading, a circular was issued by the RBI with the order for banks to halt services to crypto business in April. As fiat currency is not subjected to both withdrawal and deposit, the only thing left to exchanges is to trade crypto to crypto, however, a significant drop in volumes has still happened.
This ban has made several exchanges file a petition with the Supreme Court. A previous hearing finished with the postpone of the case, but it may soon resume again.