Digital Asset and Blockchain Foundation of India (DABFI) will lay down self-regulatory regimes for trading of bitcoins and other blockchain based digital assets. They will also standardise KYC/ AML/ STRS norms for the member companies.
Bitcoin start-ups Zebpay, Unocoin, Coinsecure and Searchtrade jointly launched Digital Asset and Blockchain Foundation of India (DABFI) for the orderly and transparent growth of virtual currency market.
Spearheaded by Saurabh Agrawal, CEO, Zebpay, the committee members comprise Sandeep Goenka (Zebpay), Mohit Kalra (Coinsecure), Sathvik Vishwanath (Unocoin), Harish B.V. (Unocoin) and Vishal Gupta (Searchtrade), Rashmit Gupta (Searchtrade).
“This organisation 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,” said Agarwal.
DABFI will lay down self-regulatory regimes for trading of bitcoins and other blockchain based digital assets. They will also standardise KYC/ AML/ STRS norms for the member companies.
Apart from this, the organisation 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 the international community, create a public website and regularly print reports on and around bitcoins and blockchain.
“Bitcoin and other crypto currencies (CC) have tremendous benefits for most marginalised people, merchants, tax departments and regulatory authorities. It has better price discovery, is anti-inflationary and the transactions are irreversible,” added Nishith Desai of Nishith Desai Associates, an international law firm that has been appointed to monitor the committee’s legal matters.
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 favour of the rich.
The CC also helps merchants as the transactions have instantaneous settlement, irreversible and for the customers it is more secured. (ANI)