The major Indian cryptocurrency exchange BuyUCoin has developed its own version of the cryptocurrency regulation bill, which does not prohibit the trading of digital assets.
BuyUCoin has a user base of 350,000 and processes billions of dollars in transactions. With the help of unnamed third parties and community support, the company has drafted the rules and practices to govern the circulation of cryptocurrencies in India. The document will be presented to the government of the country in the near future.
“This is the first step on a long road to ensuring free access to cryptocurrencies for the general public. The project proposes the creation of a regulatory sandbox. When developing the document, the opinions of cryptocurrency experts and industry participants were taken into account, ”said Shivam Thakral, CEO and co-founder of BuyUcoin.
As a reminder, India is preparing a complete ban on cryptocurrencies. According to the co-founder of the Indian law firm Crypto Canoon Kashif Raza, if the government decides to take this step, then the cryptocurrency trading in the country will not stop, but will go underground. He recalled that the same situation was in 1953, when the country banned the trading of exchange-traded derivatives.
“The government should not repeat this mistake. The first step in the right direction would be to regulate cryptocurrencies as commodities, ”Raza said.
Recall that recently the CEO of Ripple Garlinghaus Brad (Brad Garlinghouse) made criticizing the government of India about the impending ban cryptocurrency.