Reserve Bank of India Urged to Reconsider Banning Crypto From Regulatory Sandbox
Thomas Simms's original article for cointelegraph.com reduced by 45%
Lobbying groups are urging the Reserve Bank of India to allow crypto-related products to be tested in its regulatory sandbox, Indian daily The Economic Times reported on May 16. The RBI's proposed framework, unveiled last month, would allow blockchain technology to be tested on a small number of consumers - but cryptocurrencies, exchanges and initial coin offerings are excluded. "Since cryptocoins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox." The Payments Council of India has warned innovation will be difficult to achieve if the sandbox's framework has such large exclusions.
Some startups are concerned that India's hardline approach will mean innovative products cannot be tested in their home country, even if they are permitted in international markets. India's relationship with crypto has been fraught at times. On May 10, Indian crypto exchange Coinome announced it was halting operations because of regulatory difficulties.
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