The Indian blockchain and cryptocurrency industry has come together, led by BuyUcoin, to create a sandbox for cryptocurrency regulation in the country. This development happened only days after rumours surfaced about new legislation from the union cabinet banning crypto-trading. This crypto conglomerate, a brainchild of several individual companies, is promoting a new framework for regulation of cryptocurrency, instead of an outright ban.
According to a press release circulated by BuyUcoin, a premier Indian crypto exchange, the Indian crypto and blockchain community is ready with a draft. The document is slated for release on October 2, 2020, and consists of a set of community-driven rules, propositions and implementation methods.
The draft is expected to highlight the potential of the Indian crypto-trading market, which is largely untapped. It will be available for viewing on the company’s website.
The Indian government had issued a nationwide ban on cryptocurrency trading in 2018, following a surge in cybercrime involving crypto-assets and technology. However, this ban was overturned and revoked by the nation’s Apex court in March 2020. In its ruling, the court implored the Union government to create a regulatory framework for managing crypto assets and trading.
India’s cryptocurrency guild decided to take a stand for their industry once rumours of new legislation for banning crypto-trading surfaced. Several industry veterans spoke up against an outright ban.
On the forefront of this call was BuyUcoin’s CEO Shivam Thakral, who spoke about the draft. He said, “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”.