BchainTalk Forum - Community for Blockchain Believers

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

Latest topics
» Intimate ICO Launches Sex Industry Token, 7 Days Until Pre-Sale Ends
Yesterday at 8:58 pm by Vladdirescu

» Crowd for Angels ICO Progressing Ahead of Schedule
Yesterday at 4:39 pm by Vladdirescu

» Market.space Announces Partnership with Web Shield to Secure the Decentralized Cloud
Yesterday at 3:53 pm by Vladdirescu

» Dreams On a Smart Contract
Yesterday at 4:50 am by Vladdirescu

» Twitter May Ban Cryptocurrency Ads, Following Facebook and Google’s Lead
Yesterday at 3:35 am by Vladdirescu

» Global Digital Finance to Manage Code of Conduct for Cryptocurrencies
Yesterday at 2:49 am by Vladdirescu

» Coca-Cola Together with the U.S. State Dept to Fight Forced Labor using Blockchain
Yesterday at 2:19 am by Vladdirescu

» Eligma - Revolutionary Approach to Online Shopping Using AI and Blockchain
Yesterday at 1:44 am by Vladdirescu

» Dinosaur Skeleton Set to be Auctioned for Bitcoin in France
Mon Mar 19, 2018 4:26 am by Vladdirescu

» Gaining That Competitive Edge: Safinus Jumps Novices Profitability In Crypto Trading, While Enhancing That Of Experienced Traders
Sun Mar 18, 2018 11:24 pm by Vladdirescu

» Securing the Future of the Internet Through IPSX
Sun Mar 18, 2018 8:45 pm by Vladdirescu

» Business School of the University of Oxford: the Blockchain Revolution is Yet to Come
Sun Mar 18, 2018 7:36 pm by Vladdirescu

» Fighting the Most Dangerous Security Problem Using Blockchain Tech and Ethereum Smart Contracts
Sun Mar 18, 2018 3:42 am by Vladdirescu

» Philippines Senator Calls for Applying a Get-Tough Approach to Bitcoin Crimes
Sun Mar 18, 2018 12:15 am by Vladdirescu

» Eggs in the Right Basket: Global Blockchain Offers Expertise for Capitalizing on Digital Money
Sat Mar 17, 2018 11:20 pm by Vladdirescu

» Chek is a Token Connecting Business and Charity
Sat Mar 17, 2018 5:54 pm by Vladdirescu

» Playboy Plans to Add a New FinTech Payment Option – Cryptocurrency
Fri Mar 16, 2018 9:41 pm by Vladdirescu

» Financial Solutions And Crypto Debit Card Provider Etherecash Launches ICO
Fri Mar 16, 2018 7:44 pm by Vladdirescu

» Blockchain is Conquering Global Stock Image Market
Fri Mar 16, 2018 7:02 pm by Vladdirescu

» Global Crypto AML Rules Enforcement Initiated by Japan to be Discussed at G20 Summit
Fri Mar 16, 2018 3:38 am by Vladdirescu

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