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Indian Cryptocurrency Foundation to Regulate Local Bitcoin Market

Indian Cryptocurrency Foundation to Regulate Local Bitcoin Market

The Digital Asset and Blockchain Foundation of India (DABFI) has been set up with a view to put in place a self-regulatory regime of the country’s cryptocurrency market. Zebpay, Unocoin, Coinsecure and Searchtrade are the four bitcoin start-up founding members of the organization.

Next to developing bitcoin trading rules, the foundation also aims at standardizing KYC/AML/STRS norms for its members. In addition, the association will also work towards disseminating information about the benefits and risks of digital currency use, and act as a focal representative body in negotiations with regulators and interactions with the international cryptocurrency community.

Saurabh Agrawal, CEO of Zebpay, commented that the major goal of the organization was to educate the public about blockchain and bitcoin as well as stimulate the local cryptocurrency market along India’s way towards digital economy.

DABFI will also focus on promoting the strengths of digital currency including its better price, anti-inflation properties and irreversible transactions. At the same time, the organization will raise awareness of the illicit aspects of bitcoin use and strive to create a realistic image of the opportunity-threat ratio associated with virtual currency.