By Staff Writer
Amidst early rumours of a Second crypto Ban, Indian crypto industry prepares Draft Sandbox for Blockchain & Cryptocurrency Regulations in India, according to a press release.
Leading the advocacy is one of India’s top crypto exchanges based in Delhi called BuyUCoin which has more than 350,000 users.
The Supreme Court ruling on Cryptocurrency released on 5th March this year had also recommended the Creation of Regulatory Framework on Cryptocurrency
This sandbox will help indian government to form the base for regulating cryptocurrency in India. BuyUcoin in collaboration with various Industry experts and insiders will release an early version of the Draft on 2nd October 2020
India can’t afford to miss it. For the first time ever, all the Indian Crypto stakeholders led by BuyUcoin has come together to propose the first-ever framework to regulate cryptocurrency in India.
India is witnessing a new wave of renewed discussion for the legality of cryptocurrency amidst recent rumors about the second ban on cryptocurrency and now it’s a need of an hour to have a well-defined framework to regulate cryptocurrency in the country. The supreme court of India in its ruling against the RBI ban on the crypto-related transactions also recommended the creation of this framework.
BuyUcoin with the support of the crypto community stakeholders stepped up and initiated the discussion of the framework to another level and is ready with a draft consisting set of community-driven rules, propositions, and implementation methods.
“This is the first milestone of a long journey for making cryptocurrency accessible to the masses. This draft of the sandbox is driven by the inputs from Crypto experts and Industry insiders, this will not only help government to make laws but will also guide the startups and budding entrepreneurs to enter in this blooming Industry,” says Shivam Thakral, CEO & Co-founder BuyUcoin .
While Indian economy continued to grapple with the global impacts of Coronavirus Pandemic, the Indian crypto industry emerged with growth rates unforeseeable in the scenario after the ruling of SC that upholded the Central Bank ban on banks dealing with cryptocurrency.
Charles Bovaird, VP at Quantum Economics and Forbes Senior Contributor said, “Banning crypto trading would cause India to fall behind other nations that allow it. By lobbying the Indian authorities, industry participants can implement the much-needed crypto regulations.”
Madhu Nayakkankuppam, formerly Managing Director, Goldman Sachs, who is currently leading a DeFi startup opined, “The solution is to regulate the technology to prevent misuse, not to ban it outright to stifle innovation or encourage a parallel economy.”
The First draft of Sandbox will be released on 2nd October 2020 and can be accessed via buyucoin.com/sandbox and it invites participation through valuable feedback and beneficial inputs that can further help in strengthening this Regulatory Sandbox.