Qishin Tariq · · 1 min readIndian crypto council disbanded amid uncertainty in industry
The Blockchain and Crypto Assets Council (BACC), an industry body that advocates for India’s crypto industry, has been disbanded by its parent firm citing the disorganized state of the sector, CoinDesk reported.
Sources with knowledge of the decision said the Internet and Mobile Association of India (IAMAI) – the not-for-profit organization behind BACC – made the decision without discussing it with the council. Instead, it issued the decision in a statement over WhatsApp.
The IAMAI said that after four years of lobbying, the local regulatory environment for the industry was still “very uncertain.” This prompted the association to focus its resources on other emerging digital sectors in India.
Some members of the BACC reportedly disagreed with the IAMAI on how to react to the new taxes on crypto trading implemented by the Reserve Bank of India, with the industry wanting to mount a legal challenge to reverse the decision by the central bank.
BACC was an industry body representing over a dozen crypto and blockchain companies that engaged in talks with the Indian government. Members of the body included cryptocurrency exchanges WazirX, CoinDCX, and CoinSwitch Kuber.
A source told The Economic Times that the BACC might continue to operate independently from the IAMAI, as crypto players still want to collectively work on the industry’s policy issues.
See also: Can Stepn, the new hottest crypto project, go the distance?
Editing by Miguel Cordon and Lorenzo Kyle Subido
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