Collected BAI donations has been donated to chairty

Inline with one of our previous posts Discontinuation of BAI donation collection on Feb 5th 2014, we have completed accounting on the collected donations. The total donations collected has been INR 11454 from our customers and Unocoin contribution has been INR 11915 which sums up to INR 23369. A cheque has been drawn and the donation has been made to Vidyanikethan.


Bangalore is a rapidly growing city, alongside the boom and growth the poorer class still struggles with no means of sending children to schools for even a basic education. While there are organizations such as Vidyanikethan trying their best to reach out to as many as they possibly can.First of all, most of the children who are studying in Vidyanikethan from kindergarden to 9th class are from slums and poor backgrounds. The families rely mainly on daily wages from construction work, Carpentry, Flower vending, Road side petty business, Garment works etc. The parents of these children are busy in finding labour work day to day for their livelihood. Few of them are homeless and are denied of any basic facilities. So they cannot afford any education apart from Vidyanikethan because here they are not burdened with paying school fees.Vidyanikethan has been working to serve the community for the past 25 years and impacted more than 12000 lives. From a kinder garden for 7 children they have evolved to an organization working in 6 projects, with 4 branches in Karnataka and Tamil Nadu.

Discontinuation of BAI donation collection

Unocoin has been collecting donations for BAI since Unocoin restarted its operations on 8th of Jan 2014. Since the start of January, there has been many developments in the organization structure and creation of governance charter for BAI. As the process is taking longer time than expected, Unocoin had to stop accepting donations for BAI from today 5th of Feb 2014 till further notice. Regarding the donations we have collected till today, it is near to impractical and time consuming to collect all the customer’s account number and refund the donations where many of them are single digit amounts while the number of customers is in couple of hundreds. So CoinMonk Ventures Private Limited has decided to donate the same to a charity possibly the one which may be inclined towards research and innovation. The total amount donated will also include the 0.5% that Unocoin has promised to donate from its profits for every successful trade on Unocoin. More details regarding the total amount, name of charity and an update on the payment will follow once we finalize our accounts of BAI donation collection till now which could take us a couple of days. If you have a suggestion for us regarding to which charity we need to donate, please let us know through Contact Us form or by emailing us. We hope you appreciate our step regarding the same.

January 2014 Update Newsletter

While saying that January 2014 was a good month for Unocoin, this letter is also brining some updates
SSL Security: Recently you might have noticed now Unocoin is running under Extended SSL encryption (like online banking where you will see green browser bar) and hence communication between your browser and Unocoin server is secure.
End of Trial mode: We just came off trial mode on today – the Feb 1st. Now we call it as Unocoin is offically launched.
Campaigns: Verified customers who have a lot of bitcoins to buy or to sell can take advantage of this feature where Unocoin itself cannot honor such huge buy or sell. Campaigns usually run for 7 days. Customers who are willing to buy bitcoins need to consider a fixed price per bitcoin for duration of campaign and we list the campaign for them. We will fulfill the order as we continue getting the counter party. The price will also be fixed for the counter party who needs to buy/sell atleast minimum number of bitcoins and this includes the transaction fee and service tax – so the price seen on campaign is what gets paid at the end. Unless the cicumstances really mandate cancelling an ongoing campaign, we do not encourage the customer to cancel the campaign listing as there will be lot of counter parties who will be trying to arrange bitcoins of INR to participate in campaign which is supposed to run for 7 days. How ever also possible that the campaign gets closed as it achieved the goal before 7 days. Listing and participating in campaign is not possible over your account directly. There will be a conversation with customer and the counter-party customers over phone and then the orders will be executed on behalf of customers by Unocoin team.
Merchandize: We have introduced Merchandize section on where you will be able to buy bitcoin related articles and souvenirs using bitcoins in your Unocoin wallet. The first item available for now is 5X physical bitcoin by CoinMonk that holds 0.01 BTC each and will be shipped to you anywhere in India free of cost. This is a great and sweet way to introduce someone to bitcoins. The product comes with a bitcoin wallet (paper wallet) of its own along with introduction to bitcoin and its advantages in a leaflet nicely packaged that is surely giftable. Check it out. You can reach Merchandize section through the left menu after you login.
BAI and donations: As you know we started collecting donations for BAI. As some people have expressed their willingness to donate more while few have wished to opt out of donations, we have created an option where the user can himself set how much donation they want to pay between 0% and 2%. Visit Settings page under Account-Settings menu to adjust your settings.
Accepting testimonials: Unocoin is accepting testimonials from customers who have done successful transactions. We prefer the testimonial to be with in 2 or 3 sentences. We will be displaying it on the Unocoin website. You can send your testimonial if you are willing to contribute one to [email protected]

Donations to Bitcoin Alliance of India

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

Present plans of Unocoin

After press conference organized by BAI headed by Mr. Nishith Desai, and after the take-aways of the conference are out to public through media, Mr. Nishith Desai has given us a green signal to start Unocoin operations which will be starting on 6th Jan 2014 when the logins will be enabled and Unocoin wallets will be accessible. Buying and selling of bitcoins will go live from 8th of Jan 2014. CoinMonk Ventures and Unocoin is very thankful to Nishith Desai and their team for being a part of press conference and guiding us through till here 🙂

– Unocoin Team