The bank issued another statement in February 2017, advising the public that it had not given any license or authorization to any entity or company dealing in cryptocurrency.
According to the official report, the country's Reserve Bank of India or RBI published its very own draft framework specifically designed for a regulatory sandbox. This was first brought to the public after being able to develop a working group dedicated to finding fintech solutions.
"The entities may not be suitable for RS (regulatory sandbox) 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", the document read, listing crypto assets, crypto trading, and ICOs as excluded areas.
There is a huge advantage to operating a sandbox. For starters, it providers regulators the much-needed support (i.e. the RBI) when it comes to understanding new technologies.
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RBI's focus on the use of blockchain technology in the payments sector should hardly come as a surprise.
The Reserve Bank of India's Regulatory Sandbox Accepts Blockchain, Excludes Crypto root 1 hour The Reserve Bank of India's Regulatory Sandbox Accepts Blockchain Excludes Crypto The Reserve Bank of India ( RBI ) has announced the terms of its regulatory sandbox in report on April 18. The same thing can be said for applications that have something to do with smart contracts. These projects include the likes of cryptos and crypto-related services, as well as crypto investing, settling, and trading.
Looking down at crypto-related projects is nothing new to the RBI.
Highlighting the benefits of this setup, the RBI stated that the regulatory sandbox will allow regulators to obtain first-hand empirical evidence on the benefits and risks of emerging technologies and their implications; allow users of the sandbox to test a product's viability, saving them from an expensive roll-out; touch upon not just financial inclusion but also in improving financial reach; as well as provide a structured and institutionalised environment for evidence-based regulatory decision-making. This is, obviously, a huge disappointment in the crypto space. The indicative list of products, services and technologies where the RS could be applicable includes retail payments, money transfer services, marketplace lending, mobile technology applications, data analytics and application program interface (API) services.