Quite an expected outcome! Whatever goes beyond their understanding, will be banned and punitive measures will be implemented. That's a straight forward policy of Indian Central Bank and government. **Sarcastic Clap!!**
Topic: RBI published Draft Enabling Framework for Regulatory Sandbox (Read 153 times)
So RBI excluded crypto from testing? I apologize for being dumb, Someone please explain
So RBI excluded crypto from Regulatory Sandbox testing. Details of Regulatory Sandbox is explained in the RBI link itself. Quote
6.3 Exclusion from Sandbox Testing
The entities may not be suitable for RS if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner.
An indicative negative list of products/services/technology which may not be accepted for testing is as follows:
The entities may not be suitable for RS if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner.
An indicative negative list of products/services/technology which may not be accepted for testing is as follows:
- Credit registry
- Credit information
- Crypto currency/Crypto assets services
- Trading/investing/settling in crypto assets
- Initial Coin Offerings, etc.
- Chain marketing services
- Any product/services which have been banned by the regulators/Government of India
https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=920
So RBI excluded crypto from testing? I apologize for being dumb, Someone please explain
Yes !! RBI excluded crypto and related services from testing.
It seems RBI and Indian Government is in favour of blockchain technology but also afraid from Cryptocurrency. Hopefully research is still going on and need some more time to regulate in INDIA.
Quote
6.3 Exclusion from Sandbox Testing
The entities may not be suitable for RS if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner.
An indicative negative list of products/services/technology which may not be accepted for testing is as follows:
The entities may not be suitable for RS if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner.
An indicative negative list of products/services/technology which may not be accepted for testing is as follows:
- Credit registry
- Credit information
- Crypto currency/Crypto assets services
- Trading/investing/settling in crypto assets
- Initial Coin Offerings, etc.
- Chain marketing services
- Any product/services which have been banned by the regulators/Government of India
https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=920
So RBI excluded crypto from testing? I apologize for being dumb, Someone please explain
Quote
6.3 Exclusion from Sandbox Testing
The entities may not be suitable for RS if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner.
An indicative negative list of products/services/technology which may not be accepted for testing is as follows:
The entities may not be suitable for RS if the proposed financial service is similar to those that are already being offered in India unless the applicants can show that either a different technology is being gainfully applied or the same technology is being applied in a more efficient and effective manner.
An indicative negative list of products/services/technology which may not be accepted for testing is as follows:
- Credit registry
- Credit information
- Crypto currency/Crypto assets services
- Trading/investing/settling in crypto assets
- Initial Coin Offerings, etc.
- Chain marketing services
- Any product/services which have been banned by the regulators/Government of India
https://rbi.org.in/scripts/PublicationReportDetails.aspx?ID=920
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