RBI appoints new department to regulate crypto exchange, formulate CBDCs
Categories: Crypto News
The RBI has been amongst the most vocal opposition for cryptocurrencies in India.The new department is being formed to oversee new challenges coming from the fintech ecosystem, including crypto.India will reportedly make two CBDCs, one each for wholesale and retail. The Reserve Bank of India (RBI), which is the central authority overseeing banking in India, has opened a dedicated department for fintech that will help create regulations for cryptocurrency and its upcoming central bank digital currency (CBDC), says a report by Coindesk. The report also said that the bank is working on two kinds of CBDCs — wholesale and retail — and that the new department will be tasked with overseeing their development. The department will be overseen by Ajay Kumar Choudhary, who is currently the chief general manager of RBI.