Coin Crunch India explains that the clarification comes weeks after the central bank was rumored to have set up the supposed unit to research and possibly draft rules for the emerging technologies.
In an article on the units supposed creation, the Economic Times had cited two anonymous sources. However, Naimish Sanghvi, founder of Coin Crunch India, filed a Right To Information (RTI) request, aiming to confirm the articles claim and gain more information about the department, such as who was heading the unit. The RBI denied the claim, mentioning that there is no unit created formally in RBI for the blockchain, crypto and AI.
The RBI issued a circular, ordering banks to halt services to cryptocurrency businesses. With fiat currency withdrawals and deposits impossible as a result, exchanges have moved to survive on crypto-to-crypto trading, but volumes have suffered. In response to the ban, various entities, including, exchanges, have filed several counter petitions with the Supreme Court (SC) in what has become a combined case.
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