India is Not Banning Cryptocurrencies, Forms a Blockchain Body Instead

With the merger of DABFI (Digital Assets and Blockchain Foundation India) with the Internet and Mobile Association of India, the internet industry body now has the mandate to represent Blockchain startups in India.

Leading former members of DABFI such as Zebpay, Unicon and Coinsecure will now become a part of IAMAI FinTech Council. The new group, led by Zebpay Co-Founder, Sandeep Goenka, would focus on a) popularizing blockchain based technologies in the financial sector, b) suggest innovative regulatory practices for adoption of Blockchain technologies among government and industry and c) promote blockchain based startups and d) build and advocacy platform for adoption of cryptocurrency.

Commenting on the developments, Sandeep Goenka said, with banks, and other digital financial services under it, IAMAI provides the right home to this emerging group. “Promoting and evangelising cryptocurrencies and digital assets would be our first major goal of this group”, he added. T he IAMAI Fintech council is chaired by Mrutyunjay Mahapatra, Deputy Managing Director and Chief Information Officer at State Bank of India. IAMAI has now opened up its membership for all the blockchain and cryptocurrency companies in India.

DABFI was formed by 3 companies namely Unocoin, Zebpay and Coinsecure. DABFI was an association of people interested in Advocacy of use of Digital Assets like Bitcoin, Ethereum, etc within India. Their objective was to educate people about risk involved with investing and trading crypto tokens. They also wanted to actively create and propagate best practices that Digital Asset businesses must follow in India based on consultations within industry, regulators other stakeholders. Source