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India’s central bank has reportedly denied setting up a unit to research cryptocurrency, blockchain and artificial intelligence as the media reported last month. This unit was supposed to research, draft rules, and supervise new emerging technologies.
RBI Denies Setting Up Crypto Research Unit
There have been reports circulating in the media over the past month that the Reserve Bank of India (RBI) had set up a research unit for cryptocurrency, blockchain, and artificial intelligence. However, the central bank has now reportedly denied setting up a research unit for this purpose.
It is no secret in this digital age that data is king. Until now it has been easy for companies to utilize digitally collected data such as social networks, browsing history, and online purchasing trends to target consumers across the globe.
However, data from the physical world, such as geographic location and distance traveled, is not collected or distributed in an efficient, transparent manner.
Some countries in Asia are feeling the pain of inadequate cryptocurrency regulation, while others, like India, China and South Korea, have taken an uncertain or hostile stance to cryptocurrency. In contrast, Japan is building a clear framework for how virtual currency exchanges, and soon initial coin offerings (ICOs), should operate there. In doing so, Japan is becoming a hotspot for virtual currency exchanges that can afford to comply with its strict rules, while also creating a regulatory template for the rest of Asia to follow.
The Ukranian government is planning to form a group that will oversee regulatory measures for cryptocurrencies and cryptocurrency exchanges.
As cryptocurrencies are becoming more popular and widespread, many governments worldwide are introducing regulatory frameworks for digital currencies and exchanges. In 2017 the whole cryptocurrency market experienced an explosive growth rate which drew a lot of attention from governments and financial institutions.
Estonia is well on its way to realizing its dream of building a global nation supported by its e-Residency program and its own cryptocurrency.
Digital currencies have definitely taken 2017 by storm. Massive price increases, mainstream adoption and just an overall interest in the benefits of blockchain technology have been some of the key highlights of this year.
It’s not just investors hoping to capitalize on these benefits though, governments can also see the advantages to having a cashless financial system.
MakerDAO has been working towards creating a cryptocurrency that will support a stable, decentralized digital global economy. The result is Dai, the first fully-decentralized stablecoin on Ethereum.
MakerDAO was formed three years ago with a big vision of creating a stable, decentralized digital global economy. It has worked its way out of the grassroots to finally launch Dai, a promising cryptocurrency that promises stability in currency valuation.
Understanding Dai’s Valuation
Dai is currently worth 1 USD. It is designed to have low volatility against the world’s leading national currencies, such as the Euro and USD. MakerDAO has two mechanisms to ensure that this happens.