India Says Goodbye to Its Blockchain Board

The Internet and Mobile Association of India (IAMAI) has issued a statement saying That Blockchain and Crypto Council (BACC) is now completely dissolved. Apparently, blockchain is not a big deal within the country.

BACC is dissolved in India

BACC was first created in 2017. Things have seemed to be thriving over the past four years, but now that the crypto space is facing its toughest bull market yet, regulators have decided that BACC doesn’t serve a sufficient purpose, so the division is coming to an end.

IAMAI stated in an official statement:

The association was forced to take the decision in light of the fact that the decision of the regulatory environment for the industry remains uncertain, and that the association wishes to use its limited resources for other emerging digital sectors, which makes the matter more urgent and direct contribution to digital India, especially the deepening of financial inclusion and the promotion of cryptocurrencies issued by the Central Bank [CBDCs].

India has one of the most up and down relationships with digital currency. In 2018, the Reserve Bank of India (RBI) stated that there is no crypto company or Blockchain company can get Services or tools are through traditional financial institutions, so things like bank accounts were completely out of the question.

Two years later, the Supreme Court of India declared the ruling unconstitutional. Then the court reversed the ban, and India was supposed to become a major player in the digital currency arena. Unfortunately, that didn’t quite happen as Parliament later announced that it was considering a complete crypto ban, which means no deals, no sales, nothing. Those involved could potentially face jail time or fines.

Although this ban has not yet come into effect, the atmosphere of digital currency in India is still quite murky, and now with the end of BACC, things seem to have taken a turn for the worse.

Vikram Subraj, CEO of crypto platform Giottus explained:

IAMAI has quite a few sectors under its scope, including BACC. The crypto sector, with its massive adoption, needs a dedicated industry body to put forward its demands and push for regulation. Therefore, we hope that BACC will evolve as a more functionally specific industry body that exclusively represents the crypto sector. This reorganization, as we understand, has nothing to do with the government.

Could this lead to better regulation?

He also called Dileep Seinberg, founder and CEO of Muffin Pay, saying:

BACC can exist independently if the members so decide. The Indian crypto sector is growing due to the mass adoption of digital assets, and a dedicated industry body is the need of the hour. Looking at the other side, BACC can now emerge as a stronger and more defined industry body with a clear set of goals. IAMAI is responsible for other major technology communities outside of cryptocurrency.

Tags: BACC, IAMAI, India

#India #Goodbye #Blockchain #Board

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