The government in India announced last week that it had created a special committee to examine involving digital currency technology and propose regulatory policies to address consumer protection, money-laundering, and other concerns. Now, an alliance of digital currency firms – the Digital Asset and Blockchain Foundation of India (DABFI) has announced that it wants to be able to make the industry’s case by meeting directly with the committee.
DABFI was founded by Zebpay, Coinsecure, Unocoin, and SearchTrade. One of its core mission objectives is to serve as a self-regulating watchdog for the Indian cryptocurrency industry while it collaborates with government officials and agencies to develop a viable regulatory framework for digital currency use in India. The group presented its request in a statement released this week:
“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.”
The request is timely, and could provide DABFI members with an opportunity to present the positive argument for digital currency to the committee. That committee is not expected to produce its final report for another three months, and that should give the group plenty of time to make the industry’s case. It’s likely that committee members will be open to meeting with DABFI representatives, given the investigative nature of its assigned mission. As the government noted when it created the special committee:
"The committee will (i) take stock of the present status of virtual currencies both in India and globally; (ii) examine the existing global regulatory and legal structures governing virtual currencies; (iii) suggest measures for dealing with such virtual currencies including issues relating to consumer protection, money laundering , etc; and (iv) examine any other matter related to virtual currencies which may be relevant."