1 August 2026
Indian Crypto Exchange Seeks To Avoid Crypto Ban With New Framework
The Indian crypto exchange BuyUCoin along with crypto stakeholders has come up with a new framework to regulate cryptocurrency in India.
The recent news of the second ban on cryptocurrency in India has given a rise in the legality of cryptocurrency. India has no regulations over cryptocurrency and rumors of its ban and becomes a need of an hour to regulate cryptocurrencies. In March, the supreme court ruled against the RBI ban on the crypto-related transactions and it somewhat helped in the creation of the framework.
BuyUCoin and the crypto community have started the framework for regulating cryptocurrency in India and the draft is almost ready with the set of community driven rules, propositions, and implementation methods.
CEO & CO-founder of BuyUCoin, Shivam Thakral, said, “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.”
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.”
The ex-Managing Director of Goldman Sachs and now leading DeFi startup, Madhu Nayakkankuppam said, “the solution is to regulate the technology to prevent misuse, not to ban it outright to stifle innovation or encourage a parallel economy.”
BuyUCoin's first draft of Sandbox will be out on 2nd October 2020 and can be accessed through buyucoin.com/sandbox. The sandbox also invites participation through valuable feedback and beneficial inputs that can further help in strengthening this Regulatory Sandbox.
Discussion
0 comments