Bitcoin stakeholders in India are decrying the decision by the country’s central bank to exclude cryptocurrency-related businesses in its recently released regulatory sandbox for fintech firms. Meanwhile, reports have emerged that the government is looking to ban cryptocurrencies entirely.
RBI Bent on Stifling Bitcoin Growth in India
Speaking to BusinessLine, Nischal Shetty, CEO of WazirX – an Indian peer-to-peer (P2P) crypto exchange, said the Reserve Bank of India (RBI) was being unfair to cryptocurrency businesses.
According to Shetty:
A sandbox would have helped Indian entrepreneurs participate more freely in building blockchain-based applications.
The WazirX CEO berated the RBI for being obtuse about cryptocurrency and blockchain technology. Earlier in April, the RBI released its draft proposal for a fintech regulatory sandbox excluding cryptocurrencies but made provisions for blockchain-based startups.
Shetty opined that the RBI is apparently under the false impression that blockchain is the technology that…