Indian bitcoin companies launch blockchain and virtual currency association

Group | February 13, 2017 By:

Bitcoin companies in India namely Zebpay, Unocoin, Coinsecure and Searchtrade have formed Blockchain and Virtual Currency Association of India (BVAI) in order to engage with the regulators.

The formation of BVAI follows the recent notice by the country’s central bank, The Reserve Bank of India (RBI), cautioning users when engaging in bitcoin-related activities. The startups met for their first meeting on Friday and 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. 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,” said Saurabh Agarwal, co-founder of bitcoin trading and wallet company Zebpay.

The four big players decided against reviving the “Bitcoin Alliance of India”, a now-defunct association formed in 2014. Instead, blockchain companies – typically those that develop enterprise blockchain solutions – will also be welcomed under the new banner. Coinsecure CEO Mohit Kalra, who was a part of the first industry association effort sees other industry companies joining the association. India is currently home to about 20 bitcoin startups.