Finance Breaking news Indian crypto exchange submits sandbox draft proposal last financial news
Breaking-Finance.Com - Amidst early rumours of a Second crypto Ban, the Indian crypto industry has prepared a Draft Sandbox for Blockchain & Cryptocurrency Regulations in India
Breaking-Finance.Com - India can’t afford to miss it- For the first time ever, all the Indian Crypto stakeholders led by BuyUcoin came together to propose the first ever framework to regulate cryptocurrency in India. India is witnessing a new wave of renewed discussion for 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.
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 (ex-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.
Source = Breaking-Finance.ComFinancial breaking news