After all the speculations of cryptocurrency getting banned in India, all the stakeholders of the crypto-asset have joined their hands to propose a new framework in India for cryptocurrency. Sandbox will help Indian Government for regulating cryptocurrency. The supreme court also supports this framework against the decision made by RBI ban on cryptocurrency.
BuyUcoin has taken the initiative to support this framework by drafting a set of rules and implementations for the crypto holding community. An early version of this draft will be released by October 2020 with other Industry experts. It is considered as a milestone for the long journey of crypto trading.
“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 the government to make laws but will also guide the startups and budding entrepreneurs to enter this blooming Industry,”says Shivam Thakral, CEO & Co-founder BuyUcoin.
As the Indian economy has faced severe impact due to Covid-19 pandemic in 2020, this framework is a good news for crypto industry to uplift economy and trading. “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,” said Charles Bovaird, VP at Quantum Economics and Forbes Senior Contributor.
“The solution is to regulate the technology to prevent misuse, not to ban it outright to stifle innovation or encourage a parallel economy,” opined Madhu Nayakkankuppam (ex-Managing Director, Goldman Sachs) who is currently leading a DeFi startup. The Sandbox first draft will be released on October 2, 2020. This platform can be accessed easily by buyucoin sandbox. It is highly user-friendly accepting feedback from users to strengthen Regulatory Sandbox.
BuyUcoin is becoming an attractive gateway for global blockchain and crypto companies as it is one of the India’s largest crypto exchangers where BUC tokens are owned by BuyUcoin.BuyUcoin is a leading Cryptocurrency exchange in India, operating since July 4, 2016 where recently, BuyUcoin got its license from Estonia.
It will be commencing as a global operation of Cryptocurrency exchange in the next quarter to reach a more global user base and becoming aggressive to cater to the worldwide market. BuyUcoin is the most trusted, user-interface and highly accessible digital cryptocurrency exchange platform. It strictly follows the payment industry best practices with KYC-AML policies.
Check other publications and reviews on the Cryptocurrency & Blockchain Regulatory Sandbox: