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India: Nasscom pushes Reserve Bank of India to consider crypto, crypto-related assets in its regulatory sandbox framework

Namrata Shukla

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India: Nasscompushes Reserve Bank of India to consider crypto and crypto-related assets in its framework for regulatory sandbox
Source: Pixabay

In April 2019, the Reserve Bank of India [RBI] had announced that it was working on ‘Draft Enabling Framework for Regulatory Sandbox’. This draft had excluded Cryptocurrency, Initial Coin Offering, credit registry, and other crypto-related assets and there had been rumors of the government of India banning crypto.

According to reports, various technology industry lobby groups and Fintech startups have asked the RBI to consider/include cryptocurrency and other related crypto-assets in the regulatory sandbox framework. The government had been supporting the distributed ledger technology, on which cryptocurrency and blockchain are based on. Nasscom, the IT industry trade body said:

“Since crypto coins and tokens are an important component of the blockchain technology, the draft regulations appear to exclude testing of smart contracts and other approved blockchain technology under the sandbox.”

It further added:



“The decision to keep crypto-currencies, trading of crypto-currencies and initial coin offerings out of the purview of the regulatory sandbox, is still not clear.”

Nasscom argued the regulators in the UK support such innovative steps in their sandbox and addition of crypto will enable RBI to gauge the risk involved with crypto. Along with Nasscom, Payment Council of India [PCI] also chimed in to suggest a more open structure and noted that since there was no outright ban of crypto in the country yet, it should be a part of the sandbox. The ex-chairman of PCI, Naveen Surya said:

“The boundaries can’t be defined right away. The discussion has been on how an open framework can be created instead of a subset of existing laws, because then we wouldn’t be achieving the innovation objective. Ideally, they shouldn’t have such large exclusions.”

These developments occur in the ever-chaotic and confusing crypto realm of India. It remains to be seen if this nudge from Nasscom and PCI will have a positive effect.





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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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