Following last week’s public notice by the Reserve Bank of India (RBI), the country’s central bank, that warned Indians about using virtual currencies like Bitcoin, the still-nascent but growing industry has banded together to form the “Blockchain and Virtual Currency Association of India.”
India’s leading bitcoin companies that include the likes of Unocoin, Coinsecure, Zebpay and SearchTrade have come together to form a new industry association that is currently under the process of a formal registration.
According to a report in India’s biggest business daily, the Economic Times, the four companies met in India’s business capital of Mumbai last Friday, marking the first meeting of the industry association.
In quotes reported by the publication, Saurabh Agarwal, co-founder of bitcoin wallet and trading company Zebpay stated:
While we have been planning to create an association for some time, we finally pushed things after the circular.
The ‘circular’ he refers to is a public notice published by the RBI last week, where the central bank stated that it hadn’t given any license or authority to bitcoin companies to operate in the country. In essence, the apex bank was reminding Indian investors that trading or dealing in virtual currencies would be done so at their own risk.
https://www.cryptocoinsnews.com/indian-bitcoin-companies-unite-blockchain-association/
