The Internet and Mobile Association of India (IAMAI) has decided to shut down the Blockchain and Crypto Assets Council (BACC). With this, IAMAI will cease to represent crypto-exchanges operating in India.
IAMAI had created and nurtured BACC for four years. The association said it was forced to take the decision in light of the fact that the regulatory environment for the industry is still uncertain.
It would like to utilise its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to the social and economic mandate of digital India. Notably, deepening financial inclusion and promoting Central Bank issued Digital Currency (CBDC).
Ashish Singhal and Sumit Gupta, Chair and Cochair of the BACC, said, “Our stated belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry, we will continue to positively engage with all stakeholders and continue to build emerging tech, including Web 3.0”
Members of the BACC were informed about the decision today. Members were also advised that IAMAI will continue to support the activities of the BACC till the end of the month to ensure a smooth and proper transition of the sector as well as the closure of the ongoing projects.
BACC is an industry association, which was under the aegis of the IAMAI. It represents the interests of the crypto ecosystem in India. It serves as an umbrella organisation for various blockchain firms to engage with the government. Prominent cryptocurrency exchanges, including WazirX, CoinDCX, and CoinSwitch Kuber, are part of the association.