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.

Recent Posts

Bitcoin is not a good option for criminals, says former CIA Director in a new report

Bitcoin is not really being used in money laundering operations. And considering the fact every transaction is recorded on the…

3 hours ago

“caged bull” Bitcoin breaks into a new all-time high of almost $63,000

Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed…

6 hours ago

Ripple files motions to dismiss lawsuit as XRP blasts to new three-year high

Just before the weekend, Judge Sarah Netburn ruled that Ripple executives Brad Garlinghouse and Chris Larsen’s did not have to…

6 hours ago

Cardano, more than a hedge against Ethereum?

In a new video on the popular YouTube channel ‘Coin Bureau’, host Guy shares his thoughts on Cardano and the…

8 hours ago

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

22 hours ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

2 days ago