Indian Bitcoin companies form association seeks regulations

Indian Bitcoin startup companie Zebpay, Unocoin, Coinsecure and Searchtrade have formed the Blockchain and Virtual currency Association of India and are in the process of formally registering it.

A circular by the Reserve Bank of India last week, cautioning users about virtual currencies such as Bitcoin, may have led to an alarm among Bitcoin investors in the country, but for startups in this space, it has served as the right push for creating an industry association.

Currently, there are four member companies, but the association looks to add more from the 20 odd Bitcoin star tups in the country. Mohit Kalra, CEO of Coinsecure, said that the first attempt at a Bitcoin association had failed since the companies were still small.

The main objective of the new association is to create an industry body to engage with regulators, but the association will also focus on making Bitcoin trading safe by ensuring members follow strong KYC measures and by creating awareness among users about Ponzi schemes and other risks.

Bitcoin is currently not regulated in India, and as per the RBI’s notice on February 1, in which it reissued a circular from 2013, the regulator “has not given any licence/authorisation to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency .

Currently, there are four member companies, but the association looks to add more from the 20 odd Bitcoin star tups in the country. Mohit Kalra, CEO of Coinsecure, said that the first attempt at a Bitcoin association had failed since the companies were still small.

Indian startups seeks regulations for bitcoin trading which it is acceptance worldwide.Bitcoin is also accepted by several merchants in India.Governament has to bring regulations to centralized and legalized trading where people can trade with their kyc. Association will expand and create awareness on bitcoins and trading platforms.

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