IAMAI dissolves BACC; industry says will continue to bat for regulations

economictimes.indiatimes.com:

Crypto Assets Council (BACC) on Thursday. IAMAI had created BACC four years earlier. The association, in its official statement, said it was forced to make the decision as the regulatory environment for the industry is still very uncertain. IAMAI claimed that the association has limited resources and it would like to utilise them for other emerging digital sectors, which make a more immediate and direct contribution to digital India.

Did you Know?

In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

It said that it is looking for immediate opportunities for financial inclusion and promoting Central Bank Digital Currency (CBDC). According to ET sources familiar with the matter, IAMAI has decided to distance itself from cryptos. Established in 2004, IAMAI is a not-for-profit industry body and the country's only organization representing the digital services industry with over 400 Indian and multinational corporations as its members. It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers and other stakeholders. IAMAI represents varied sectors. BACC members, which are mostly crypto exchanges and trading platforms, were informed about the decision at a meeting held in Mumbai. BACC will continue till the end of this month for the closure of existing projects and smooth transition. In a joint statement, Chair and Co-chair of BACC, Ashish Singhal from CoinSwitch and Sumit Gupta from CoinDCX said, «Our stated belief as an industry has always been to have a