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: