Crypto industry led by BuyUcoin proposes Sandbox for Cryptocurrency regulation in India

Author at TechGenyz Bitcoin

Amidst early rumours of a Second crypto Ban, Indian crypto industry prepares Draft Sandbox for Blockchain & Cryptocurrency Regulations in India 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 the 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 came 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 rumours 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 the government to make laws but will also guide the startups and budding entrepreneurs to enter in this blooming Industry, – 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 upheld the Central Bank ban on banks dealing with cryptocurrency.

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. – Charles Bovaird, VP at Quantum Economics and Forbes Senior Contributor

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. – Madhu Nayakkankuppam

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.

About BuyUcoin BuyUcoin is one of the leading Cryptocurrency Companies in India, operating since 2016.

The Delhi-based on-ramps crypto exchange currently serves over 350,000 users and handles 1bn+ in digital asset transactions.

With over 350,000+ customers that vouch for the ease with which BuyUcoin enables digital asset trading, it is on a mission “To bring crypto in a million Indian pockets.”

The platform allows users to buy, sell, trade, and store multiple digital assets like Bitcoin, Ethereum, Ripple, Litecoin, Stellar among many others using advanced Instant Banking services like UPI, Mobile Wallet, IMPS, NEFT/RTGS, Debit/Credit Card.

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