Following the recent announcement by the Indian government regarding the setting up of a committee to examine the existing framework on digital currencies, the Digital Asset and Blockchain Foundation of India (DABFI) has urged the committee to allow it to showcase the benefits this technology can bring to the country.

Last week, the government of India through its Press Information Bureau announced that the Department of Economic Affairs, Ministry of Finance has constituted an Inter- Disciplinary Committee to examine the existing framework on digital currencies such as bitcoin.

“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”, it said.

Earlier in February, India-based bitcoin startups Zebpay, Unocoin, Coinsecure and Searchtrade jointly launched DABFI as a self-regulatory body that will lay down regulatory regimes for the digital currency businesses in the country. It seeks to actively create and propagate best practices that digital asset businesses must follow in India based on consultations with industry, regulators other stakeholders.

Following the announcement on the governmental committee, the DABFI issued a statement saying (as quoted by daijiworld.com):

“We have seen that in countries where governments have come out with a self-regulation policy, created an environment for the bitcoin/ blockchain technology to grow, those countries have become the epicentre for innovation. Investments have started pouring in and next generation, new edge technology developments, user-friendly products and a new breed of entrepreneurs have developed”.

"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 committee has been tasked to submit its report within three months.