BchainTalk Forum - Community for Blockchain Believers

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

Latest topics
» ICO Problems: Double-check Where You Are Sending Your Money To
Yesterday at 10:00 pm by Vladdirescu

» Russia To Legalize and Regulate ICOs
Yesterday at 1:28 am by Vladdirescu

» Social Media and Blockchain: Where Everyone Has Voice and Freedom
Fri Jul 14, 2017 11:14 pm by Vladdirescu

» The Chinese Exhibition Market is Starting to Implement a Blockchain
Thu Jul 13, 2017 2:36 am by Vladdirescu

» Billion-dollar Unregulated Gaming Industry to Embrace Blockchain
Sat Jul 08, 2017 1:55 am by Vladdirescu

» Blockchain Crowdfunding Is Attracting Hundreds Of Millions Of Dollars – And It’s Growing Fast
Fri Jun 23, 2017 8:57 pm by Vladdirescu

» Is Blockchain Really the Future of Energy?
Thu Jun 22, 2017 11:54 pm by Vladdirescu

» Global Commodity Exchange To Use Blockchain For Trading Diamonds
Fri Jun 16, 2017 10:18 pm by Vladdirescu

» How to buy Bitcoin in India ?
Tue Jun 13, 2017 2:53 pm by blockchainboy

» Coinbase Scam
Tue Jun 13, 2017 9:26 am by theepicbonus

» Poland is Moving Towards Embracing Bitcoin and Blockchain Technologies
Tue Jun 13, 2017 3:44 am by Vladdirescu

» The First Islamic Bank to Use Blockchain Technology
Tue Jun 13, 2017 12:14 am by Vladdirescu

» The Number of Blockchain-related Vacancies on LinkedIn Has Tripled
Fri Jun 09, 2017 2:30 am by Vladdirescu

» Sberbank Conducts the First Letter of Credit Transaction on the Blockchain
Tue Jun 06, 2017 2:36 am by Vladdirescu

» Blockchain Startup TrueFlip Banned in Russia
Mon Jun 05, 2017 11:26 pm by Vladdirescu

» Energy Sector Welcomes Blockchain Worldwide
Fri Jun 02, 2017 2:11 am by Vladdirescu

» Dubai is Leading the Way for Blockchain Implemenation
Tue May 30, 2017 10:26 pm by Vladdirescu

» The Next Generation of Blockchain Tech - ‘Quantum-Secured Blockchain
Sat May 27, 2017 12:20 am by Vladdirescu

» Blockchain-Based Cryptocurrency Travacoin Used as Compensation for Flight Delays
Thu May 25, 2017 3:15 am by Vladdirescu

» Indian IT Firms to Focus on Bitcoin’s Blockchain Technology
Wed May 24, 2017 5:44 pm by learnwithalan


India’s Blockchain Community Launches Digital Asset and Blockchain Foundation

View previous topic View next topic Go down

India’s Blockchain Community Launches Digital Asset and Blockchain Foundation

Post by Sumant sinha on Sun Apr 23, 2017 10:05 pm

Bitcoin start-ups Zebpay, Unocoin, Coinsecure and Searchtrade jointly launched Digital Asset and Blockchain Foundation of India (DABFI) for the orderly and transparent growth of virtual currency market. Nishith Desai Associates, an international law firm has been appointed to develop self-regulations for the industry.

A committee spearheaded by Saurabh Agrawal, CEO of Zebpay has been constituted with members comprising Sandeep Goenka (Zebpay), Mohit Kalra (Coinsecure), Sathvik Vishwanath (Unocoin), Harish B.V. (Unocoin) and Vishal Gupta (Searchtrade), Rashmit Gupta (Searchtrade).

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 organization will build credibility and create awareness about the benefits and risks of CC, 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.

Addressing the media Saurabh Agrawal said:

“This organization 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.”

Providing legal support to this organization, Nishith Desai said:

“Bitcoin and other crypto currencies (CC) have tremendous benefits for most marginalised people, merchants, tax departments and regulatory authorities. It has better price discovery, is anti-inflationary and the transactions are irreversible.

Under the current banking system the poor, currently ‎pay heavy transaction fees for sending small amounts of money to their families in rural areas. In contrast, there is no or very low fee for large transactions. So the current system is loaded in favour of the rich.

The CC also helps merchants as the transactions have instantaneous settlement, irreversible and for the customers it is more secured.

Globally the demand for CC is increasing. Due to its benefits, in the coming years, several countries may stop printing their own money and adopt CC’s such as Bitcoin as their legal tender.

On the other hand, Bitcoins and virtual currencies, just like any other cash, are known to be also used for illicit purposes. The virtual currency transactions are more traceable than the cash. Often that gets more highlighted than its benefits.”

Saurabh Agrawal added:

“It is absolutely important to check the ‘bad’ use of CC. Industry has to play an important role in shaping the future of CC and Blockchain. Almost no country including India has declared Bitcoins or CCs as per se illegal. And therefore we (DABFI) believe that it is our responsibility to self-regulate itself strictly to check any ‘bad’ use of the new system, work with the regulatory authorities and create awareness about the benefits of CC.”

Sathvik Vishwanath of Unocoin says the price of Bitcoin has gone up from 450 USD per Bitcoin in February 2016 to 1100 USD in February 2017 Per Bitcoin. DABFI would also warn ordinary people who do not understand the digital currency market not to be lured into ‎trading Bitcoin as it is volatile.”

Sumant sinha

Posts : 9
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