Bitcoin Alliance of India (BAI) is a not-for-profit association in India aimed to be “voice of bitcoin in India”. Even though it is an initiative by stakeholders of CoinMonk Ventures Private Limited, it is aimed to become a stand alone and self sustaining body. Lot of other bitcoin traders and bitcoin business/enthusiasts has also expressed their support and are willing to help BAI financially through donations to achieve its goals. You can read about developments of Bitcoin in India since mid-december at a Coindesk article.
BAI just completed a press conference headed by Nishith Desai Associates (NDA), the best legal and auditing firm in India, which has aimed to urge govt to declare that bitcoin is not illegal in India and this request is based on techno-legal analysis done by a Bitcoin practice group at NDA. This press conference did help to restore some reputation of bitcoin in India.
The next plans of BAI and NDA include a presentation to RBI and governing authorities about bitcoin and what possibly can be done to have govt encourage the use of bitcoins in India.
BAI aims to bring lot of other programs that will be beneficial to Indian bitcoin community as a whole in the long run. As BAI is working with the best of the class in every industry as this is not a time to compromise in quality nor take “no” for an answer, BAI is in need of huge funds to support itself and continue to be the voice of bitcoin in India. In an attempt to support BAI, Unocoin by default will be collecting 0.5% of trade value from the customers on every bitcoin buy and sell operations and Unocoin will be matching the same from its profits and hence donate 1% of trade value to BAI. We at Unocoin believe that you as being a valuable and knowledgeable customer will appreciate our efforts, love India more than you love Bitcoin and finally help India not to lag behind technology.
Addition: You have an option donate up to 2% or even to opt-out of donations by visiting Settings page on Account-settings menu. What ever you opt for, Unocoin will continue to donate 0.5% towards BAI.
– Unocoin Team