India’s central bank, the Reserve Bank of India (RBI), has unveiled its framework for a fintech regulatory sandbox. While blockchain and smart contracts are welcomed, the bank stated that cryptocurrency and related services “may not be accepted for testing.”

Also read: Indian Supreme Court Postpones Crypto Case at Government’s Request

RBI Welcomes Blockchain Tech

The RBI published its draft framework for a fintech regulatory sandbox Thursday. The central bank explained that one of the recommendations the inter-regulatory fintech working group, which it set up in July 2016, came up with is to introduce a framework for a regulatory sandbox (RS). The RBI clarified that this framework includes “a well-defined space and duration where the financial sector regulator will provide the requisite regulatory guidance, so as to increase efficiency, manage risks and create new opportunities for consumers.”

The central bank proceeded to provide a list of innovative products, services, and technology which could…

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Source: https://news.bitcoin.com/rbi-cryptocurrency-indian-regulatory-sandbox/