India creates fintech department for crypto regulation and CBDC
The central bank of India, RBI, is creating a fintech department for crypto regulation and central bank digital currencies (CBDC) development. While the bank is adequately capable of regulations, a fintech department is absent.
Fintech department for Reserve Bank of India (RBI)
The fintech department for the RBI is ready to operate, and as per the central bank of India," while the RBI is adequately staffed with specific departments to discharge these tasks, it still does not have a fintech department, just a division, leaving questions about efficiency and long-term commitment unanswered."As reported by CoinDesk, the fintech department will be headed by Ajay Kumar Choudhary, the current chief general manager of the central bank of India. He will be looking after the "will look after Fintech Department, Risk Monitoring Department and Inspection Department."
Two kinds of CBDC
As per an earlier report, the RBI has proposed 2 versions of the CBDC, the retail and the wholesale versions. Mr. Choudhary will be responsible for overseeing both versions."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," said a CoinDesk source.On the other hand, the authorities have been gunning for exchanges and other crypto services providers. Recently, WazirX, Coinswitch Kuber, CoinDCX, BuyUCoin, and Unocoin were accused of tax evasion in a crackdown. A total of INR 70 crores ($9.4 million) were recovered from the firms combined with the highest percentage from WazirX, a unit of Binance in India.
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