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

default
An employee counts currency notes at a cash counter inside a bank in Kolkata June 18, 2012. REUTERS/Rupak De Chowdhuri/Files
ADVERTISEMENTSBlockchain Education
Ammbr Blockchain Technology
Evident
Tymlez

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. 

donate to Blockchain News
  • 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.

About Richard Kastelein

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, the Netherlands where he has set down his anchor to raise a family and write.

Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications.

Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the EuropeanCommission'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 at over 50 events in 30+ cities.

Visit Website
View All Articles

Also published on Medium.

advertisementsBlockchain Education
Blockchain Expo North America 2020

blocktv

LIVE!

BLOCKTV is the premier televised news source for the blockchain and cryptocurrency community. They are a live, 24/7, TV news channel dedicated to premium reporting on the blockchain and cryptocurrency markets.