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.
“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.”
The first draft of the sandbox by BuyUCoin will be released on Oct. 2, 2020 and can be accessed at buyucoin.com/sandbox.
Read: India plans to ban crypto trading: Bloomberg