RBI appoints new Department to Create Regulation for Crypto Exchange and CBDC
News Synopsis
According to a report by Coindesk, the Reserve Bank of India has opened a new department, which will oversee all the new age challenges of fintech applications along with crypto. The new department is also meant to help create regulations for cryptocurrency and the upcoming Central Bank Digital Currency but it is not the only agenda of the company.
The report also claimed that the central bank of India can be working on two different CBDCs, wholesale and retail. The new department will look over the development of these CBCDs under the Chief General Manager of the RBI, Ajay Kumar Choudhary.
The governor of the RBI, Shaktikanta Das has warned against the use of cryptocurrency in India many times due to the increasing amount of wealth being put into crypto trading in India.
There is still no estimate on the number of crypto traders in India, but Nischal Shetty, the founder of WazirX, the largest crypto exchange of the country has claimed that India had 20 million crypto users in the fourth quarter of 2021.
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