BuyUCoin, one of the major Indian crypto exchanges, has now developed a regulatory framework to regulate cryptocurrency in India. The exchange has claimed support from all the Indian crypto stakeholders. It is believed that this framework will be officially released on October 02, 2020, however, it is still not clear who are the stakeholders that will help to develop the framework.
According to BuyUCoin, this framework could be seen as a draft set of community driven rules and several other factors. Once prepared, this framework will be presented to the Indian government.
BuyUCoin Aims to Make Crypto Accessible to the Masses
Shivam Thakral, CEO and co-founder of BuyUCoin, has said that this step by the exchange could be seen as the first milestone for Indian crypto industry. The exchange is aiming to make the cryptocurrency accessible to the masses. According to the exchange, this draft will be helping the government of India to make proper crypto laws. Along with this, it will prove to be of great help for different crypto startups that are aiming to enter the industry.
This framework has received a lot of compliments from the people of the community and one of them is Charles Bovaird, VP at Quantum Economics. According to him, if the Indian government bans cryptocurrency then the country will fall behind all those countries that have allowed them.
Crypto Community is Criticizing the Indian Government’s Plan of Banning Crypto
It has been seen that the Indian crypto community is deeply criticizing the plan of banning cryptocurrency by the Indian government. According to them, it is going to be a huge loss for the country and compared it to the derivatives ban in 1953. The community believes that the Indian government should take the right steps and start it with regulating cryptocurrency. There have been huge developments in this sector and with that it is high time to come up with the proper regulations. The step of developing the regulatory framework by BuyUCoin is going to contribute largely to this.
