The Internet and Mobile Association of India (IAMAI) has reportedly decided to shut down the Blockchain and Crypto Assets Council (BACC). The IAMAI has, however, not issued any formal statement in this regard till the time of writing.
IAMAI distancing itself from BACC could prove to be another blow to struggling crypto exchanges and companies in India, who have been battered by the market crash and the implementation of a harsh crypto tax regime.
Crypto experts say the nascent industry will lost a prominent policy advocacy arm with the dismantling of BACC by IAMAI.
“IAMAI’s BACC provided a platform for the crypto industry to voice opinions in a structured manner. Contrary to their global counterparts, Indian regulators have dismissed the potential of crypto in transforming payments, financial services and inclusion. Unfortunately, BACC is being shut down. The industry will lose a prominent policy advocacy arm in the form of BACC,” Sharat Chandra, VP, Research and Strategy at...
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