In a draft document titled, "
Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India', Delhi-based crypto exchange BuyUCoin has put forth arguments in favour of cryptocurrency adoption in India
The recent draft document suggests bringing crypto earnings under the purview of tax, where working professionals would have to declare their crypto earnings under a separate provision of the Income Tax Act
The BuyUCoin document talks about the need for inclusion of cryptocurrencies in the Reserve Bank of India’s (RBI) Regulatory Sandbox
As speculations about an impending ban on cryptocurrencies refuse to die down, stakeholders in India are pulling out all stops to get the government on their side. Besides engaging in a dialogue with government agencies to allay their fears about nefarious use cases of cryptocurrencies, industry stakeholders in India have also been suggesting what could be salient features of a regulatory framework for virtual currencies.
On October 2, BuyUCoin released the first draft of ‘Regulatory Sandbox: They Key To Cryptocurrency Mass Adoption In India’. Through the document, the exchange has put forth arguments in favour of cryptocurrency adoption and suggested some of the features which could form the core of a model government regulation for cryptocurrencies in India.
The BuyUCoin document mentions that if India were to ban cryptocurrencies altogether, the fallout would be felt in the jobs sector as well, where the demand for proficiency in blockchain technology is being seen currently. The report cites LinkedIn’s “2020 Emerging Jobs Report India” that mentions blockchain developer as the most sought-after career over the last five years.
More here =>
https://inc42.com/buzz/cryptocurrency-this-week-crypto-earnings-should-be-taxed-says-buyucoin/Document here =>
https://www.buyucoin.com/crypto-labs/buyucoin-sandbox-first-draft/
Read the full article and the document if you have time, it is a good read and definitely a positive step towards keeping Bitcoin legal in India. And kindly share your views on it. Thanks!