The Internet and Mobile Association of India (IAMAI) has decided to dismantle the Blockchain and Crypto Assets Council (BACC), which was formed to represent crypto exchanges before authorities like the Reserve Bank of India (RBI) and other key government departments.
According to two sources familiar with the development, IAMAI decided to distance itself from cryptocurrency.
The discussion about dismantling BACC - created in 2017 - was brewing for some time amid the growing conflict between the central bank and crypto exchanges over the virtual currency’s legal status in India. Recently, RBI governor Shaktikanta Das said cryptocurrencies were a ‘clear danger’.
“Last week, the decision was taken to dismantle BACC. It wasn’t working out between the exchanges and the industry association amid clear guidance from the RBI that its views had not changed on crypto,” a person briefed on the matter told ET.
IAMAI did not respond to ET’s query.
BACC - an industry body - acted as an umbrella...
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