A major Indian cryptocurrency exchange has developed a framework to regulate cryptocurrency in India that it says has the support of “all the Indian cryptocurrency stakeholders,” Cointelegraph reports.

However, it is not clear yet which stakeholders helped develop the framework, or “sandbox,” which will be officially released on October 2.

BuyUCoin, which has more than 350,000 users and handles billion-dollar transactions, described the framework as a draft set of community-driven rules, propositions and implementation methods.

The framework will be presented to the Indian government. It comes after the Indian Supreme Court in March struck down the Reserve Bank of India’s circular banning banks and other financial institutions from dealing with crypto companies. Bloomberg reported last week however that the Indian government planned to introduce a new bill to ban the trade of cryptocurrencies during the monsoon session.

“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.


- Advertisement -