New Indian virtual currency co-operative a reality
Several Indian Bitcoin start-ups have formed the Blockchain and Virtual Currency Association of India as they look to quell investors’ virtual currency fears becoming a reality.
Coinsecure, Searchtrade, Unocoin and Zebpay have banded together in response to the Reserve Bank of India’s (RBI) recent circular warning people that it has not authorised dealings in or use of virtual currencies, and cautioned about investing in them.
The new association has just held its first meeting in Mumbai, and Saurabh Agarwal, co-founder of Zebpay, says it had been “planning to create an association for some time” and “we finally pushed things after the circular”.
Agarwal adds: “We had thought of reviving the old association, Bitcoin Alliance of India but we also decided to add blockchain companies and create a larger association.”
Currently, there are four members, but the gang is looking for more to join. Their main goal is to talk with the regulators, but it also wants to make Bitcoin trading safer with tougher know your customer (KYC) measures.
As you’d expect, there is plenty of other blockchain news to report from India.
Recently, the Institute for Development and Research in Banking Technology (IDRBT), set up by the RBI, issued a whitepaper, “Applications of Blockchain Technology to Banking and Financial Sector in India”.
Also, Axis Bank became the first bank in India to use Ripple’s blockchain network for cross-border payments.