The proposal hopes to avert a blanket ban that some warn would result in the illegal trade of cryptocurrencies
Major Indian cryptocurrency exchange BuyUCoin has developed a framework to regulate cryptocurrency in India that it claims has the support of “all the Indian cryptocurrency stakeholders”.
However, it is not clear yet which stakeholders helped develop the framework, or ‘sandbox’, which will be officially released on October 2.
BuyUCoin, which has more than 350,000 users and handles billion-dollar transactions, described the framework as a draft set of community driven rules, propositions and implementation methods.
The framework will be presented to the Indian Government.