[Indian]–Four Indian companies specialising in cryptocurrencies have come together to establish a foundation to regulate Bitcoin.
The companies consisting of Zebpay, Unocoin, Coinsecure and Searchtrade has set up a committee headed by Saurabh Agrawal, CEO of Zebpay, with members comprising Sandeep Goenka (Zebpay), Mohit Kalra (Coinsecure), Sathvik Vishwanath (Unocoin), Harish B V (Unocoin) and Vishal Gupta (Searchtrade), Rashmit Gupta (Searchtrade).
The committee has appointed Nishith Desai Associates, an international law firm, to develop self-regulations for the industry.
The foundation to be known as Digital Asset and Blockchain Foundation of India (DABFI) will see to the orderliness and transparent growth of virtual currency market.
According to the Times of India, The DABFI will lay down self-regulatory regimes for trading of bitcoins and other blockchain based digital assets. They will also standardise KYC/ AML/ STRS norms for the member companies.
Apart from this, the organisation intends to build credibility and create awareness about the benefits and risks of cryptocurrency, liaise with regulators and get clarity on taxation, attract investment and set up incubators to promote startups, build global relations and actively engage with International community, create a public website and regularly print reports on and around bitcoins and blockchain technology.
Agrawal, CEO, Zebpay said:
This organisation aims to drive education and create market for blockchain and bitcoin in the Indian market which is now on the path of digital economy. Our vision would be to work with regulators and develop strong framework for our industry to provide required impetus for the growth of the industry.
Sathvik Vishwanath of Unocoin said the price of bitcoin has gone up from $450 per bitcoin in February 2016 to $1100 in February 2017 per bitcoin. The DABFI would also warn ordinary people who do not understand the digital currency market not to be lured into trading in bitcoin as it is volatile.Please Follow Us @ThePageNg