• Certified Investment Banking Operations Professional
    4.8 out of 5 by 7600 learners
    8X indsutry demand
  • Post Graduate Program In Capital Markets
    4.7 out of 5 by 807 learners
    3X industry demand
  • Financial Analysis Prodegree
    Co-created with KPMG
    4.7 out of 5 by 3311 learners
    4X indsutry demand
  • Banking And Wealth Management Bootcamp
    4.7 out of 5 by 460 learners
    3X industry demand
  • Post Graduate In New Age Banking
    4.6 out of 5 by 1726 learners
    4X industry demand
  • FinTech Prodegree
    Co-created with Rise Mumbai
    4.6 out of 5 by 1250 learners
    6X industry demand
  • Credit Risk and Underwriting Prodegree
    Co-created with Moody’s Analytics
    4.5 out of 5 by 526 learners
    4X industry demand

All of us were shocked to hear the news of RBI banning cryptocurrency in India. Few of us were afraid that such a promising technology would go unrecognised by the Indian Government. But after banning cryptocurrencies, the Reserve Bank of India has now formed a particular unit for the development of blockchain and artificial intelligence lead by a general manager. Even though the official announcements about the team are yet to reach you, the unit is also expected to draft rules and regulations for the cryptocurrencies and other emerging technologies.

RBI and Cryptocurrencies

In 2018 April, the Reserve Bank of India barred all the banks and financial institutions from dealing with virtual currencies. The risk associated with cryptocurrencies had led the RBI to consider this regulation. It meant that your banks would not allow you to buy cryptocurrencies to protect your money.
However, the blockchain technology is identified and has been studied for the improvements in the banking sector. Recently RBI tested a blockchain based trade application successfully.
RBI is not impressed with the non-fiat structure of cryptocurrencies, but the underlying technology is identified and being studied.

Role of the New Unit on Cryptocurrencies and Blockchain

As a regulator of financial activities of a country, RBI has to be on the top of every emerging tech to decide whether to adopt or not. In the financial sector where we are slowly changing from paper to digital, it is essential for RBI to look into cryptocurrencies and blockchain which is presumed to be the future of money transactions. In that sense, RBI is doing precisely what the formation of this unit supposes them.
The RBI has recently mentioned the plan to set up a data science laboratory with professionals from economics, econometrics, data analytics, computer science, statistics and finance background. The new unit is expected to be able to use data analytics with the aid of new technologies for predicting different RBI functions. Inflation targeting, policy enforcement and banking regulations are included in these RBI functions.
Also, despite the ban, the RBI is not completely ignoring the possibilities of cryptocurrency. A fiat digital currency named “Lakshmi coin” is in construction by the RBI. Shedding light on the regulatory framework might be another critical role of the new unit.

Central Banks Around the World

The central banks around the world agree with RBI on the fact that privately issued cryptocurrencies such as Ethereum and Bitcoin are not going to replace the traditional currencies. LIke India, a lot of the countries are working on cryptocurrency issued by the central bank of the country. The fraudulent activities associated with the technology is delaying the release of such coins. The states also have to ensure that their systems are mature enough to handle the payment systems.
All countries are going forward in this matter despite their different speeds. Unfortunately, a collaborative than an individual study on digital currencies backed by global central banks as a legal tender is yet to happen which will ease the process of cooperation in the future.

For Online Course Enquiries
About Imarticus
Imarticus Learning is India’s leading professional education institute that offers training in Financial Services, Data Analytics & Technology. We’ve successfully transformed careers of over 35,000+ individuals globally through our Certification, Prodegree, and Post Graduate programs offered in association with leading and renowned global organisations in the Financial Services, Data Analytics & Technology domain.
Related course
  • Certification
    Certified Investment Banking Operations Professional
    Course duration(Months)
    2-3
    Upcoming batches
    6
    Organizations enrolled
    20
    4.8 out of 5 by 7600 learners
    8X indsutry demand
    Upcoming Batches
    Date Location Schedule
    7th-Jan THANE Weekday
    14th-Dec DELHI Weekend
    5th-Dec BANGALORE-KORAMANGALA Weekday
    Date Location Schedule
    4th-Jan THANE Weekend
    28th-Dec CHENNAI Weekend
    7th-Dec BANGALORE-KORAMANGALA Weekend
  • Post Graduation
    Post Graduate Program In Capital Markets
    Course duration(months)
    4
    Upcoming batches
    1
    Organizations enrolled
    20
    4.7 out of 5 by 807 learners
    3X industry demand
    Upcoming Batches
    Date Location Schedule
    15-Nov BANGALORE Weekend
    Date Location Schedule
  • Prodegree
    Financial Analysis Prodegree
    Co-created with KPMG
    Course duration(Months)
    3
    Upcoming batches
    1
    Organizations enrolled
    20
    4.7 out of 5 by 3311 learners
    4X indsutry demand
    Upcoming Batches
    Date Location Schedule
    28th-Dec DELHI Weekend
    Date Location Schedule
  • Certification
    Banking And Wealth Management Bootcamp
    Course duration(Months)
    2-3
    Upcoming batches
    1
    Organizations enrolled
    20
    4.7 out of 5 by 460 learners
    3X industry demand
    Upcoming Batches
    Date Location Schedule
    CHENNAI Weekday
    Date Location Schedule
  • Post Graduation
    Post Graduate In New Age Banking
    Course duration(months)
    4
    Upcoming batches
    1
    Organizations enrolled
    20
    4.6 out of 5 by 1726 learners
    4X industry demand
    Upcoming Batches
    Date Location Schedule
    30-Aug CHENNAI Weekday
    Date Location Schedule
  • Prodegree
    FinTech Prodegree
    Co-created with Rise Mumbai
    Course duration(Months)
    4
    Upcoming batches
    1
    Organizations enrolled
    20
    4.6 out of 5 by 1250 learners
    6X industry demand
    Upcoming Batches
    Date Location Schedule
    31-Aug AHMEDABAD Weekday
    Date Location Schedule
  • PRODEGREE
    Credit Risk and Underwriting Prodegree
    Co-created with Moody’s Analytics
    Course duration(Months)
    3
    Upcoming batches
    1
    Organizations enrolled
    20
    4.5 out of 5 by 526 learners
    4X industry demand
    Upcoming Batches
    Date Location Schedule
    none AHMEDABAD Weekday
    Date Location Schedule