Sometime ago I had reported about RBI developing a regulatory sandbox for startups in the FinTech space including blockchain startups. Now it has published its framework for startups who wish to apply for the sandbox and sadly cryptocurrencies have been excluded.
I had a tiny bit of hope that RBI would include startups engaged in cryptocurrency related business such as an exchange as part of this sandbox. Sadly it's clear that RBI is only thinking of blockchain without cryptocurrencies as part of it's framework.
RBI is welcoming blockchain technology under section 6.1.2 Innovative Technology -> Applications under block chain technologies but it has excluded cryptocurrencies.
6.3 Exclusion from Sandbox Testing
The entities may not be suitable for RS if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner.
An indicative negative list of products/services/technology which may not be accepted for testing is as follows:
- Credit registry
- Credit information
- Crypto currency/Crypto assets services
- Trading/investing/settling in crypto assets
- Initial Coin Offerings, etc.
- Chain marketing services
- Any product/services which have been banned by the regulators/Government of India
You can read the entire framework for regulatory sandbox here.
This makes one thing clear, the only way cryptocurrencies will be accepted is if by some chance the government of India legalises it in a policy.
Disappointing update but rather expected.
India story is looking at FinTech with blockchain but without cryptos. I'm not sure how this will play out in the future.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
- Why You Should Vote For Firepower As Witness—Witness Campaign Post From India!
- Steem.Chat Contest #74
Blockchain without crypto currency incentives is called distributed database, they just dont realise this yet.
The sad part is innovation in that field will come from outside.
🎁 Dear @jonmaim,
SteemBet Seed round SPT sale is about to start in 2 days!
When our started the development of SteemBet Dice game, we couldn’t imagine that our game would go so viral and that SteemBet would become one of the pioneers in this field.
In order to give back to our beloved community, we’ll distribute 4000 STEEM to SPT holders immediately after Seed sale. Plus, investors in this earliest round will be given 60% more tokens as reward and overall Return on Investment is estimated at 300%!
Join the whitelist on SteemBet webiste now and start investing! Feel free to ask us anything on Discord https://discord.gg/tNWJEAD
This is really sad for crypto enthusiast and the crypto community in our India
Posted using Partiko Android
Congratulations @firepower! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPVote for @Steemitboard as a witness to get one more award and increased upvotes!
You got a 64.65% upvote from @ocdb courtesy of @firepower! :)
@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 45 SBD and the equivalent amount in STEEM.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our Discord channel for more information.
If you like what @ocd does, consider voting for ocd-witness through SteemConnect or on the Steemit Witnesses page. :)