The Reserve Bank of India (RBI) has formed a new unit to research use cases for blockchain, cryptocurrency, and artificial intelligence (AI) technology, according to reporting from Indian newspaper The Economic Times.
The unit will be responsible for researching how these emerging technologies can benefit India's banking industry and may be required to not only draft rules and regulations governing their use but also oversee how these technologies are used in the future.
According to the article, which cites unnamed sources, because RBI is an important regulator, it is obligated to explore the ecosystem of these emerging technologies and determine which aspects of blockchain, cryptocurrency, and AI technology are most beneficial.
The unit is reportedly about a month old. Although a chief general manager is said to have been identified to lead the project, RBI has not yet made an official announcement.
The formation of this new unit may signal a slight shift in outlook by the central bank. In April, the RBI banned any entities it regulates from dealing in or providing services related to virtual currency.