Cryptocurrency startups Zebpay, Unocoin, Coinsecure and Searchtrade have jointly launched the 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).
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 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.
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.
With the cryptocurrency touching a new high last month at $990.87, there has been significant interest from users. From mobile recharges and DTH payments to shopping online, the currency is slowing gaining ground. Around six million bitcoins are traded per day across the globe.
SOURCE: Times of India