India's Bitcoin Startups Speak Out As Government Debates New Rules

A group of local bitcoin and blockchain businesses has a message for India’s government: hear us out.

AccessTimeIconApr 17, 2017 at 6:30 p.m. UTC
Updated Sep 11, 2021 at 1:14 p.m. UTC

A group of local bitcoin and blockchain businesses has a message for India’s government: hear us out.

Last week, India revealed that it has convened a special committee that will develop and report back on possible regulatory approaches to the tech. The country’s central bank and several government departments, including its main tax authority, are taking part.

In new statements, the Digital Asset and Blockchain Foundation of India – formed earlier this year to represent the domestic industry’s interests – says it wants to play a role in those discussions. Members include bitcoin exchanges Unocoin and Coinsecure, as well as wallet service Zebpay and online search startup Searchtrade.

The group says it wants to meet with the committee, explaining in a statement:

"We request the committee to give us an opportunity to meet them and showcase the benefits of this technology for our country. Financial inclusion, cheaper cross-border remittance, full trace and track on the movement of value on the blockchain network, and the potential for India to become a financial hub are key benefits that can be derived using virtual currencies."

As for what position the Indian government might fully adopt, outside observers will just have to wait and see.

More than three years ago, the Reserve Bank of India issued a warning to domestic consumers about the risks involved in buying digital currencies. The central bank has issued updated versions of that warning, most recently earlier this year – sparking concerns that the government was about to ban bitcoin.

Megaphone image via Shutterstock

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