[2017-02-07] ET: Indian bitcoin startups form a blockchain association

[polynesia]

Indian bitcoin startups form a blockchain association following RBI caution

http://tech.economictimes.indiatimes.com/news/startups/indian-bitcoin-startups-form-a-blockchain-association-following-rbi-caution/57012952

Indian bitcoin startups form a blockchain association following RBI cautionA 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.

Bitcoin players such as Zebpay, Unocoin, Coinsecure and Searchtrade have formed the Blockchain and Virtual currency Association of India and are in the process of formally registering it.

In fact, in their first meeting in Mumbai on Friday, the members discussed the RBI circular among other things. “While we have been planning to create an association for some time, we finally pushed things after the circular,“ said Saurabh Agarwal, co-founder of Bitcoin trading and wallet company Zebpay.

[polynesia]

Covered by Moneycontrol as well.

http://www.moneycontrol.com/news/business/indian-bitcoin-players-form-association-seek-regulations_8450261.html

BVAI confirms that all the members of the association follow strong KYC measures before getting users on board. None of the exchange and trading platforms accept cash and have implemented strict compliance policies. All members are ready to share information about their users and their trades with government authorities on need basis.

Isn't that a little strange, given that exchanges in other countries have gone to court to protect the privacy of their users?

[susila_bai]

Covered by Moneycontrol as well.

http://www.moneycontrol.com/news/business/indian-bitcoin-players-form-association-seek-regulations_8450261.html

BVAI confirms that all the members of the association follow strong KYC measures before getting users on board. None of the exchange and trading platforms accept cash and have implemented strict compliance policies. All members are ready to share information about their users and their trades with government authorities on need basis.

Isn't that a little strange, given that exchanges in other countries have gone to court to protect the privacy of their users?

What you are saying is true, how can then users can give their personal documents when this exchanges are not giving any surety of safety of their documents as they are clearly giving hint of that they will share information of users and their trades to the government authorities, that means any one if come and claim of being government authority and ask the details about the users of their exchange , then they will share it. It is clearly breach of agreement of exchanges between users and exchange of not disclosing the details of the users without getting confirmation from the users.