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”.
The framework will be presented to the Indian Government. It comes after the Indian Supreme Court in March struck down the Reserve Bank of India’s circular banning banks and other financial institutions from dealing with crypto companies. There are reports also the Indian government planned to introduce a new bill to ban the trade of cryptocurrencies during the monsoon session.
BuyUCoin, which has more than 350,000 users and handles billion-dollar transactions, says this is the first milestone of a long journey for making cryptocurrency accessible to the masses.
According to Shivam Thakral, CEO and co-founder of BuyUCoin, this will help the government to make laws but will also guide the startups and budding entrepreneurs to enter in this booming industry.