TagDABFI

Indian Bitcoin Industry Seeks Audience with the Government Ahead of New Rules

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An industry group of Indian bitcoin and blockchain-startups have sought an audience with the government as the latter looks to plausibly outline a regulatory framework for the innovation. The Indian government established a cryptocurrency ‘committee’ last week, one comprising of a number of officials from Indian ministries alongside representatives from the country’s central bank to research the...

Industry Petition Urges Indian Govt to Announce Bitcoin is Legal

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Bitcoin price Tom Lee

A new petition raised by the Indian bitcoin industry is urging influential politicians and lawmakers to deem bitcoin and other cryptocurrencies to be legal in the country. The petition comes at a time when bitcoin is making regional headlines due to statements from policymakers and politicians who have raised concerns about the lack of regulation surrounding the bitcoin industry. Last week, Kirit...

Lack of Regulations See Bitcoin Pyramid Schemes Rise in India

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Bitcoin MLM Scheme

As bitcoin gains awareness and adopters in India, bitcoin-based MLM (multi-level marketing) and pyramid schemes have predictably followed suit, taking advantage of authorities’ marked stance against regulating the cryp;tocurrency industry. The soaring gains of the cryptocurrency's value have further fueled the rise of multi-level marketing schemes, according to the Digital Assets and Blockchain...

Indian Bitcoin Startups Join to Launch Self-Regulatory Body

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The major players of the young but growing bitcoin industry in India have united to launch a self-regulatory body in the absence of official regulations to foster transparency in the nascent industry. The group of bitcoin companies has established Digital Asset and Blockchain Foundation of India (DABFI), according to a local report, toward the ‘orderly and transparent growth’ of the digital...