A new division of the Reserve Bank of India is developing a regulatory framework for the blockchain industry and the national digital currency (CBDC).
The regulator has said that its fintech department will also be engaged in promoting innovation and creating conditions for a comfortable operation of startups.
In spite of the negative attitude towards Bitcoin and other virtual currencies, the Indian Central Bank has decided to tackle increasing the transparency of this sector of the economy.
In fact, the regulator has admitted a defeat in the long-term struggle with the crypto sphere. In parallel, the central bank of the country is working to create a digital rupee.
The Reserve Bank reportedly seeks to digitize the financial sector of the state. It is impossible to do this without legalizing the blockchain industry.