BuyUCoin, a prominent Indian cryptocurrency exchange, has released a proposal for a regulatory framework to be implemented to avoid the government’s proposed total prohibition of cryptocurrency activities in that country, reported Cointelegraph.
The exchange has over 350,000 users and handles billion-dollar transactions. BuyUCoin is thus in a prominent position to make propositions such as this. The regulatory framework, with an official release scheduled for 2 October is reportedly a collaboration between the country’s cryptocurrency community. It will include community driven rules, as well as suggestions of how to implement proposed additions to cryptocurrency regulations.
Finextra further posited that the proposed cryptocurrency ban would be detrimental to India’s financial sector and its development and growth. As more countries welcome cryptocurrency and blockchain, the ban would put India behind these in finding innovative advancements with regards to digital currency.
Meanwhile, Ihodl purported that the regulatory framework comes as an expression from all cryptocurrency stakeholders in India. After its release in October, the regulatory framework will go to the Indian government for perusal and consolidation.
In March, India’s Supreme Court struck down a Reserve Bank decision to disallow Indian banks and centres of capital from trading with crypto-related companies. Following this judicial finger-wagging, the Indian government has sided with the Reserve Bank and has started expressing anti-crypto sentiments.
The Indian government recently announced that they would implement a complete and total ban of cryptocurrency in the country. This is ostensibly to clampdown on the plethora of fraud and money laundering activity associated with cryptocurrency in the country. India suffers from a high level of money laundering, fraudulence, and scamming related to digital assets. Cryptolydian recently reported on Pluto Exchange, an India-based cryptocurrency exchange accused of fraud.