MUMBAI: Bitcoin start-ups Zebpay, Unocoin, Coinsecure and Searchtrade have jointly launched 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).
According to the founding memebers, DABFI will lay down self-regulatory regimes for trading of bitcoins and other blockchain based digital assets. They will also standardize KYC/AML/STRS norms for the member companies. Apart from this, the organization will 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.
Addressing the media Saurabh Agrawal said, “This organization 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.”
Providing legal support to this organization, Nishith Desai said, “Bitcoin and other crypto currencies (CC) have tremendous benefits for most marginalized people, merchants, tax departments and regulatory authorities. It has better price discovery, is anti-inflationary and the transactions are irreversible. Under the current banking system, the poor, currently pay heavy transaction fees for sending small amounts of money to their families in rural areas. In contrast, there is no or very low fee for large transactions. So, the current system is loaded in favor of the rich.”