Rajarshi Mitra
Independent Analyst
- The Reserve Bank of India announced the exclusion of cryptocurrency and other related sectors.
- Nasscom argued that integrating such innovations can help RBI develop a better understanding of the risks.
Technology industries and startups want RBI to integrate cryptocurrency and crypto assets in its proposed regulatory sandbox framework for the fintech industry. On April 18, The Reserve Bank of India’s ‘Draft Enabling Framework for Regulatory Sandbox’, announced the exclusion of cryptocurrency, initial coin offerings, credit registry, and other related sectors.
Cryptocurrency and blockchain-based distributed ledger technology are regarded as the future of finance. However, applications that work under blockchain technology have been included for testing under the proposed framework. Nasscom said:
“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.”
Payments Council of India (PCI) has also shown the desire for a more open structure. Naveen Surya, chairman emeritus of PCI:
“The boundaries can’t be defined right away. The discussion has been on how an open framework can be created instead of a subset of existing laws because then we wouldn’t be achieving the innovation objective. Ideally, they shouldn’t have such large exclusions.”
Incrypt Blockchain has submitted a report on a blockchain-specific sandbox containing specifics on policies and procedures.
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