Explained: Why has India’s Internet companies’ body dissolved the BACC, its flagship crypto advocacy platform? | Explained News,The Indian Express

Amid powerful opposition by the RBI and a clampdown by the government, the Internet and Mobile Association of India has complained of the 'very uncertain' regulatory environment in the country, and announced it would focus on other areas instead

The Internet and Mobile Association of India (IAMAI), the industry body representing top Internet companies and tech platforms, has dissolved a key unit set up four years ago to do public advocacy for the cryptocurrency and blockchain sector, citing regulatory uncertainty.

What is this unit?

The Blockchain and Crypto Assets Council (BACC), which represents Indian crypto industry players such as CoinSwitch Kuber, WazirX, CoinDCX, Zebpay, BitBNS, Vauld, Chingari, Mudrex, etc, was formed to advocate the crypto industry’s arguments to regulatory bodies such as the Reserve Bank of India (RBI). The central bank has been deeply sceptical of private cryptocurrencies.

And why has it been dissolved?

In a statement issued on Thursday, IAMAI said it was “forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain, and that the association would like to utilise its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency (CBDC)”.

https://indianexpress.com/article/explained/explained-india-internet-companies-body-bacc-flagship-crypto-advocacy-platform-8031262/


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