India’s only lobby for blockchain and crypto exchanges will be dismantled, said a media report on Friday quoting a source in a group representing the wider mobile technology sector.
The Blockchain and Crypto Assets Council (BACC) speaks for an industry already sell-off pressure. Bitcoin, the largest cryptocurrency by market cap, was trading at $20,798.02 on Friday. The Indian government, in Budget 2022, had imposed a 30 per cent tax on the proceeds from the sale of cryptocurrency. Additionally, a 1 per cent tax deducted at source (TDS) has also come into effect from July 1, 2022.
The Internet and Mobile Association of India (IAMAI) is dismantling BACC after disagreement and allegations that crypto exchanges were not following an internal code of conduct, according to a report by moneycontrol.com.
"The BACC group has been highly indisciplined in terms of following through the demands and requirements of the government as decided during the meetings with government bodies. The only...
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