The first draft of sandbox by BuyUCoin will be released on October 2 and can be accessed at buyucoin.com/sandbox
BuyUCoin announced it has created a framework to regulate cryptocurrencies in India in the hopes to avert a potential blanket ban on digital currencies.
The framework, called ‘sandbox’, has the support of “all the Indian cryptocurrency stakeholders”. There is no clarity as of yet on which stakeholders helped develop the framework, but it is expected to be officially released on October 2.
India is witnessing a new wave of renewed discussions for the legality of cryptocurrency amidst rumors of a second blanket ban on cryptocurrency. The Indian Supreme Court struck down the Reserve Bank of India’s circular, banning banks and other financial institutions from dealing with crypto companies in May.
BuyUCoin, which has more 350,000 users and handles billion-dollar transactions has described the proposed framework as a “draft set of community-driven rules, propositions, and implementation methods.” Asia News International described the proposal as the first-ever framework to regulate cryptocurrency in India. The framework will soon be presented to the Indian Government.
“This is the first milestone of a long journey for making cryptocurrency accessible to the masses,” said Shivam Thakral, CEO and co-founder of BuyUCoin.
“This draft of the sandbox is driven by the inputs from crypto experts and industry insiders, and will not only help the government to make laws but will also guide the startups and budding entrepreneurs to enter in this booming industry,” he explained.
The new ‘sandbox’ was praised by Charles Bovaird, VP at Quantum Economics and Forbes Senior Contributor. He stated “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 in the country.”
Indian blockchain-focused law firm, CryptoKanoon, has also spoken out against a potential crypto ban, comparing it to the country’s ban on derivatives trading in 1953 which had lasting, damaging effects on the finance industry.
In a video posted on Twitter in the local Hindi language, co-founder Kashif Raza said “We took 50 years to regulate our commodities. The government should not repeat the mistake. The first step in the right direction would be to regulate cryptocurrencies as commodities”
Raza further added that a blanket ban will make way for illegal trading by private players. “The longer we take to come up with the legal framework, the further back in time we’ll go and give access to the mafias to do illicit activities,” Raza explained.