Indian bitcoin firms form self regulatory body

Regulation | March 2, 2017 By:

Bitcoin startups Zebpay, Unocoin, Coinsecure and Searchtrade launched Digital Asset and Blockchain Foundation of India (DABFI), a self regulatory body for the orderly and transparent growth of virtual currency market.

The members plan to position DABFI to serve as a liaison between the industry and regulators, while working to attract investment. In addition, DABFI will actively promote new digital currency and blockchain startups in India, and provide periodic reports designed to educate the public and further develop the cryptocurrency marketplace.

“This organisation aims to drive education and create a market for blockchain and bitcoin in the Indian market, which is now on the path of a digital economy. Our vision would be to work with regulators and develop a strong framework for our industry, to provide the required impetus for its growth,” said Zebpay co-founder Saurabh Agrawal.

DABFI members also seem to be adopting a responsible position when it comes to interaction with the public, and the group is advising average citizens with little knowledge of digital currency to avoid Bitcoin trading until they have a better understanding about digital currency. That’s almost sure to gain favor with the country’s regulators, who have issued similar cautionary statements in recent months.