Groups and Influencers Persuading RBI to Include Cryptocurrency Related Products in Sandbox
Recently we became aware of the confusion in the Indian crypto community related to the ban of crypto in India and the companies and exchanges that were victims due to this. While all the crypto enthusiasts in India are waiting till July 23 2019, for the update on cryptocurrency in Supreme Court. Many groups and influencers are trying to persuade The Reserve Bank of India (RBI) to reconsider the regulations passed with respect crypto and also to make sure to include all the crypto related products in the regulatory Sandbox.
Sandbox – is a testing environment that isolates the untested changes and outright experimentation from the production environment or repository. It is a reliable and trustworthy agency that has been accepted widely. Many companies around the world use Sandbox; this includes the UK Financial Conduct Authority as well.
RBI does plan to provide a chance to allow blockchain technology and blockchain related products other than cryptocurrencies, crypto exchange platforms as well as Initial Coin Offerings (ICOs) for the testing. According to The National Association of Software and Services Companies (NASSCOM), the trade association of Indian Information Technology (IT) and Business Process Outstanding industry, RBI would be having a better take on the risks and complexities revolving around the crypto and has said, “Since crypto coins 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”
Also, the Payment Council of India believes that if the crypto is not included the Sandbox, innovations will not be achieved. Like if any new innovative products are introduced, the products cannot be tested unless the cryptocurrency is included in the Sandbox. To test these products, one needs international collaboration in the market and getting the crypto into Sandbox would serve the purpose.