BchainTalk Forum - Community for Blockchain Believers

Join like-minded people in a collaborative culture to share & learn.

Latest topics
» How Blockchain will Crush Language Barriers?
Today at 3:35 am by Vladdirescu

» DOVU to Participate in Jaguar Land Rover Hackathon
Today at 12:39 am by Vladdirescu

» Genesis Vision - the Best ICO for October in Jacob Maas’ View
Yesterday at 9:21 pm by Vladdirescu

» SimplyVital Health Pioneers Blockchain Healthcare Ecosystem
Sat Sep 23, 2017 9:13 pm by Vladdirescu

» Media Sifter Launches Token Presale To Change How We Consume News
Sat Sep 23, 2017 3:41 am by Vladdirescu

» Earning Dividends from Mining Cryptocurrency in a Convenient and Competitive Manner
Sat Sep 23, 2017 2:35 am by Vladdirescu

» How the Blockchain Can Resist Fraud with the Help of Decentralized Escrow
Fri Sep 22, 2017 3:25 am by Vladdirescu

» Expert on Blockchain-backed firms David Drake Joins DOVU Advisory Board
Thu Sep 21, 2017 11:35 pm by Vladdirescu

» Russian Prosecutors Called In Burger King to Explain The Nature of Their Cryptocurrency
Thu Sep 21, 2017 5:33 pm by Vladdirescu

» Stash: Next Generation Cryptocurrency For Everyday Transactions In The Real World
Thu Sep 21, 2017 2:04 am by Vladdirescu

» Spheris Blockchain-based Application Distribution Platform Launches Crowdsale
Wed Sep 20, 2017 8:54 pm by Vladdirescu

» Blockchain Startup Aims at Decentralizing the Filmmaking Industry
Wed Sep 20, 2017 1:27 am by Vladdirescu

» Lescoin ICO: The Huge Project In Russia's Free Investment Zone
Tue Sep 19, 2017 11:27 pm by Vladdirescu

»  Understanding What an ICO Is And Why Government Wants to Regulate It
Tue Sep 19, 2017 9:43 am by Vladdirescu

» HydroMiner : Cryptocurrency Mining Using Green Energy in the Alps
Sat Sep 16, 2017 5:46 pm by Vladdirescu

» Verif-y, Blockchain-based Identity Platform Announces Token Sale
Sat Sep 16, 2017 3:44 am by Vladdirescu

» Revolutionary Lottery Platform at the Final Stage of Implementation
Fri Sep 15, 2017 8:43 pm by Vladdirescu

» DOVU Board Welcomes Two New Advisors to Blockchain-powered Mobility Project
Fri Sep 15, 2017 2:09 am by Vladdirescu

» Flitpay - Best bitcoin wallet in india
Thu Sep 14, 2017 3:38 pm by rakesh889

» Which is the most valuable Blockchain startup ?
Thu Sep 14, 2017 3:34 pm by rakesh889


Indian bitcoin startups form a blockchain association following RBI caution

View previous topic View next topic Go down

Indian bitcoin startups form a blockchain association following RBI caution

Post by Shubham singh on Sun Apr 23, 2017 7:22 pm

A circular by the Reserve Bank of India last week, cautioning users about virtual currencies such as Bitcoin, may have led to an alarm among Bitcoin investors in the country, but for startups in this space, it has served as the right push for creating an industry association.

Bitcoin players such as Zebpay, Unocoin, Coinsecure and Searchtrade have formed the Blockchain and Virtual currency Association of India and are in the process of formally registering it.

In fact, in their first meeting in Mumbai on Friday, the members discussed the RBI circular among other things. “While we have been planning to create an association for some time, we finally pushed things after the circular,“ said Saurabh Agarwal, co-founder of Bitcoin trading and wallet company Zebpay.

“We had thought of reviving the old association -Bitcoin Alliance of India (formed in 2014 but now defunct), but we also decided to add blockchain companies and create a larger association,“ he said.

Currently, there are four member companies, but the association looks to add more from the 20 odd Bitcoin star tups in the country. Mohit Kalra, CEO of Coinsecure, said that the first attempt at a Bitcoin association had failed since the companies were still small.

The main objective of the new association is to create an industry body to engage with regulators, but the association will also focus on making Bitcoin trading safe by ensuring members follow strong KYC measures and by creating awareness among users about Ponzi schemes and other risks.

“The goal is to have a uniform self-regulation amongst ourselves,“ said Sathvik Vishwanath, cofounder of Blume Ventures-backed startup Unocoin.

Bitcoin is currently not regulated in India, and as per the RBI's notice on February 1, in which it reissued a circular from 2013, the regulator “has not given any licence/authorisation to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency .“

The RBI said that the creation, trading or usage of virtual currencies such as Bitcoins as a medium of payment are not authorised by any central bank or monetary authority. It also warned of threats to Bitcoin users from cyberattacks and illegal activities.

The warning comes even as Bitcoin's popularity in India seems to be on the rise, especially after its value rallied post events such as Brexit, demonetisation and Donald Trump's victory. It was also considered the best-performing currency globally last year.

Shubham singh

Posts : 3
Reputation : 0
Join date : 2017-04-15

View user profile

Back to top Go down

View previous topic View next topic Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum