Seven Bitcoin Companies come up to Fight against Fraud and Represent Shared Interests

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Seven Bitcoin Companies come up to Fight against Fraud and Represent Shared Interests

Verenigde Bitcoinbedrijven Nederland or Associated Bitcoin Companies of the Netherlands (VBNL) is the name of the organization that has been formed by the seven Dutch Bitcoin companies to counter fraud and collectively represent their shared interests. Though formed formally established in December of 2014, it has been presented this year.

Nonetheless, VBNL aims to increase its presence this year and influence the policy makers with proactive stands taken regarding the presence of the virtual currency in the country. The organization claims that several of the associated companies had been informally sharing some mutually beneficial insights since 2013.

However, according to them the initiative to formalize this collaboration and establish the VBNL was taken in 2014. Nonetheless, the main reason for the delay was the high level of fraud experienced by Dutch Bitcoin brokerages. They claim that fraudsters would often abuse the Dutch payments system iDEAL to trick their victims into buying them Bitcoin.

Jouke Hofman, CEO of Bitcoin brokerage Bitonic and one of the initiators of the VBNL says that by forming this association, its members hope to learn from one another, hence further strengthening the Bitcoin industry in the Netherlands as a whole. Similar views came from Anycoin Direct CEO Lennert Vlemmings.

Lenner Vlemmings says that on a business level, most of the Bitcoin companies compete with each other of course; however, according to him they are all facing very similar problems, which could potentially slow down or perhaps even damage the adoption of Bitcoin in the Netherlands.

Nonetheless, he also admitted that conflicts are obviously bad for all of the Bitcoin ecosystem in the country; therefore, it made sense for all the Bitcoin companies to establish the VBNL. Currently, the VBNL consists of seven brokerages that include Anycoin Direct, Bitmymoney, Bitonic, BTC Direct, Coinvert, Happycoins and Litebit.

Association for Serving Interests of Bitcoin Companies

Some major Bitcoin companies like Bitcoin exchange CleverCoin and some other Dutch companies too are missing; however, the observers realize that the association has some representative nature and expected to work well for the greater interest of the digital currencies in the country.

Nonetheless, the association aims to install a membership quality standard, through which it hopes to manage a level of self-regulation in order to guarantee a high standard for the Dutch Bitcoin industry. Bitonic CEO Jouke Hofman concludes that the association is out as a cooperative to counter some very specific forms of fraud.

To contact the reporter of this story: Deepak Tiwari at deepak@forexminute.com