India has created a division within its Central Bank ranks assigned to tackle the country’s fintech challenges. This department will be tasked with structuring crypto regulations and developing a central bank digital currency (CBDC).
Currently, the Reserve Bank of India (RBI) has begun the process of launching its CBDC. The endgame is to roll out two token models – wholesale and retail.
And this would be one of the top priorities of the newly formed department, which Ajay Kumar Choudhary will manage.
The RBI, in a statement announcing Choudhary as the executive director of the division, said he, “will look after Fintech Department, Risk Monitoring Department, and Inspection Department.”
“You can expect much more action from Mr. Ajay Kumar Choudhary towards the Central Bank Digital Currency. This may signify a shift from the RBI’s stance towards fast-tracking CBDC piloting,” whispers said.
India has been meddling with the possibility of imposing an outright ban on cryptocurrencies and related entities, but all efforts in this regard have failed to yield results.