Keeping on the path of resistance, despite bullish reports from the IMF spring powwow, and thousands of protestors who hit the streets of Bangalore, Delhi, Mumbai and Hyderabad to protest the Reserve Bank of India (RBI) slamming the doors on cryptocurrency, has announced the framework for its fintech regulatory sandbox.
But. No cryptocurrency services allowed. From the report.
- Crypto currency/Crypto assets services
- Trading/investing/settling in crypto assets
- Initial Coin Offerings, etc.
RBI has banned banks from providing services to cryptocurrency businesses in the past.
The central bank seems happy to work with R3 on Blockchain as recently noted in Indian Blockchain Media… as long as they are doing it, not startups.
The regulatory sandbox will apparently provide fintechs with “an environment to innovative technology-led entities for limited-scale testing of a new product or service.” The companies will be able to “test the product’s viability without the need for a larger and more expensive roll-out.” However, it doesn’t come without a cost—when participating, innovators may lose flexibility and time. All necessary regulatory approvals are also expected from participants before wider adoption.
The RBI encourages fintechs to participate, especially when sufficient government regulations are not in place, temporary easing of regulations is needed, or the innovation may affect the delivery of financial services significantly.
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