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Indian Bitcoin exchanges form association

The largest Indian Bitcoin exchanges, including Zebpay, Unocoin, Coinsecure and Searchtrade, has announced an establishment of an industry-wide organization called the Blockchain and Virtual Currency Association of India. It is reported by India Times.

The association is currently in the process of registration and the first meeting took place last week in Mumbai.

The four companies are expected to join the other cryptocurrency companies and the association believes that the total number of participants may exceed two dozen.

The main objective of the organization will be to create a single body to interact with the regulators and its activity will be aimed at making Bitcoin trading safer. To that end, the members of the association will raise awareness about the risks of financial pyramids and other grey schemes.

Earlier this month, the Reserve Bank of India (RBI) released a document designed to warn users against Bitcoin and its apparent risk. The RBI suggested users to actively look into the risk and unpredictability of Bitcoin trading before they initiate in any activities involving Bitcoin or other digital currencies.

At the same time, the Ministry of Human Resources Development of India (HRD) is active in raising awareness of digital currencies. Also, at the end of last year, the Minister of Finance of India stated that digital currencies were a new norm that society needed to adopt.

Source: forklog.com

  • February 15, 2017 4:05 PM MSK
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