Reserve Bank of India urged to reconsider regulatory Sandbox ban on crytpo

The crypto-world has always faced the issue of proper regulations, therefore many countries are reluctant and sceptical to use this technology.

India which is now a hub of IT was considering banning all sort of digital currencies. Coinome has also suggested avoiding using digital coins as they are hampering operations owing to regulatory problems.

Recently, a report has revealed that indicated that the Reserve Bank of India (RBI) is now pressurized by different influencers to bring proper regulatory guidelines for the cryptocurrencies and also ensure that all the crypto products to be examined by the regulatory sandbox.

The RBI has made a plan to give a chance to allow the blockchain technology to be tested on the consumers but, the crypto-world is not included.

One of the renowned IT companies of India has said that RBI should include cryptocurrency in the sandbox as most of the regulatory issues are concerned with cryptocurrency.

Likewise, the Payment Council of India has also revealed that no innovations can be achieved if the cryptocurrency is not included in the regulatory test.

Any new innovation has to pass through the regulation filter. Some analysts think that testing the innovative products in their own country is not possible and for this purpose, they need the collaboration of the International market.

Sandbox is widely accepted as a reliable and trustworthy agency and is used by many companies around the globe including the UK Financial Conduct Authority.