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“There’s No Unit Created Formally” Says RBI in RTI Query

In a reply to Namish Sanghvi’s RTI, RBI denies having set up any unit formally for purposes AI and blockchain.

August 27, 2018, Coinpedia shares an article saying RBI launches a new unit. This was to “beef up its intellectual capital” in the face of emerging blockchain innovations and such. This research unit is likely a month old as reports by two anonymous sources.  However, RBI has not come up with an official announcement. 

The other report says, RBI even replies to the Business Line’s RTI about the special research unit. RBI says there isn’t any unit existence formally. The BL’s RTI sought details regarding the sanction manpower, academic and professional qualifications of the personnel, designations etc. RBI has been vocal about its views regarding cryptocurrencies and their effect on India’s populous.

History of RBI with Blockchain and Cryptocurrencies

RBI publishes its first warnings in a press release on their website on December 24, 2013. After which publishes two more in February and December 2017. On  April 6, 2018, RBI issues circulars condemning banks to seize activities incorporating cryptocurrencies.

However, as a result, many parties file a petition against the circular. These include IAMAI (Internet And Mobile Association of India) which sought the help of Supreme Court of India. RBI then comments by saying Supreme Court to stay out of the decisions of financial matters, especially cryptocurrencies. 

RBI file a counter affidavit on September 8, against IAMAI citing ten important points supporting the banking ban. The original hearing for these petitions was set on September 11, 2018. However, it was delay several times to September 24, which was then delayed until September 28. Like other times, the matter might be in action and the hearing is likely to stop till October 3, 2018.

You can find relative articles here:

  1. RBI Asks Supreme Court of India to Stay Out of Crypto Decisions
  2. The Final Supreme Court Battle Begins on RBI’s Crypto Banking Ban

Do you share the opinion of RBI? Comment below and let’s discuss!

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency.In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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