Virtual Currency To India: Bitcoin Alliance India
With the Enforcement Directorate and the I-T Department turning their attention to digital currencies such as Bitcoin, the virtual currency community has taken the first step towards forming a trade and lobbying association that will attempt to be the “voice of Bitcoin in India”.
Called the Bitcoin Alliance India (BAI), which takes after the Bitcoin Alliance of Canada, the association currently accepts donations — which will be used towards the initiatives of BAI.
The organization, which will soon outline its goals, has started signing individual and corporate members. The membership fee ranges between .002 BTC and .005 BTC. Its members currently include Na Vijay Shankar, a cyber law expert.
What is Bitcoin?Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Story From @The Hindu