Anurag Gautam | Mar 28, 2019 12:24
Finally, it looks like the Indian Government is willing to do something positive with the cryptocurrency ecosystem of India. As the first anniversary of RBI’s banking ban for cryptocurrency startups is drawing closer, some positive news is coming from New Delhi. As indicated by Crypto Kanoon, there have been something like two developments in the ongoing days suggesting that the stance of the Indian Government on crypto is gradually getting positive. How about taking a look at each of those improvements.
Crypto Representatives Got Invitation to the Govt. Event
On March 25th, the premier planning body of the government, NITI Aayog organized a FinTech event in New Delhi. The event was called FinTech Conclave 2019, and it was attended by the representatives from the Finance Ministry. The event had representatives from RBI, SEBI, Revenue Department, Income Tax Department, etc. Since it was a FinTech event, representatives of major FinTech startups were also seen at the event. There was a surprising presence of representatives from all major crypto startups of the country, as they were invited by the Policy Think Tank, NITI Aayog. Indeed, it’s a welcome step on the government’s part to at least hear the voice of startups operating in the crypto space. Also, it’s an indication that the Indian Government is planning at least a few constructive things for the same.
RBI Developing FinTech Sandbox
Another positive development to occur is a declaration from the Reserve Bank of India (RBI) that it would be coming up with a regulatory sandbox for the nation’s FinTech startups within 2 months. A regulatory sandbox is fundamentally a controlled domain given by the regulators to organizations of a specific area for operations. The reason for this controlled environment stays to intently watch the potential and dangers involved before allowing the organizations to go mainstream with a legitimate regulatory structure. If cryptocurrency is involved in that regulatory sandbox, then we are almost certain to get a positive crypto regulation in place. However, nothing can be guaranteed.
As the deadline given to the Government by Supreme Court for providing cryptocurrency regulatory framework ends tomorrow, signs are creating the impression that there will be something positive coming from the Indian Government after elections. The hearing in SC is likely to take place tomorrow, and there are certain reasons Why the Supreme Court’s March 29 Hearing Could Lift India’s Bitcoin BAN, that we had discussed previously. We will keep you updated about the future happenings on the matter, so don’t forget to check back.
Written By: Anurag Gautam
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