Indian Central Bankers Excludes Cryptocurrency Projects from it’s New Startup Fintech Sandbox

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An employee counts currency notes at a cash counter inside a bank in Kolkata June 18, 2012. REUTERS/Rupak De Chowdhuri/Files
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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.

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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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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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