The Internet and Mobile Association of India (IAMAI) – the industry body representing top internet companies and tech platforms – has dissolved a flagship entity set up four years ago to conduct public advocacy for the cryptocurrency and blockchain sector, citing regulatory uncertainty. has made, it said in a statement on Thursday.
The Blockchain and Crypto Assets Council (BACC) – which represents players from the Indian crypto industry such as Coinswitch Kuber, WazirX, CoinDCX, Zebpay, BitBNS, Wald, Spark, Mudrex, etc. – is formed to support the arguments of the crypto industry with regulatory bodies. was to advocate. Reserve Bank of India (RBI).
The central bank has considered private cryptocurrencies a threat to the country’s monetary stability. Late last month, RBI Governor Shaktikanta Das said that cryptocurrencies “are a clear threat”, and that the country should be “ware of emerging risks on the horizon”. This, as the RBI works towards launching its own digital currency.
“The Association was forced to make 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 use its limited resources for other emerging digital sectors, which make more immediate and direct contribution to Digital India, in particular, deepening financial inclusion and promotion of Central Bank Issued Digital Currency (CBDC),” IAMAI said in its statement.
It also said that the BACC members were informed about the decision in a meeting held here on Thursday. The members were also informed that IAMAI would continue to support the activities of BACC till the end of the month to ensure smooth and proper transition of the sector as well as closure of ongoing projects.
According to sources, the proposal to do away with BACC has been under consideration in IAMAI for some time in view of the increasing norms for crypto players by the government and the stand taken by the RBI.
News bulletin , Click to get the best interpreters of the day delivered to your inbox
In a joint statement, BACC President Ashish Singhal and Co-Chairman Sumit Gupta said: “Our belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry, we will continue to engage positively with all stakeholders and build on emerging technology, including Web 3.0.
Over the past few years, many Indian entrepreneurs and developers in the Web 3.0 space have been moving out of the country to move Aadhaar to more crypto-friendly destinations such as the UAE. This is happening amid a progressive clamping down on cryptocurrencies by enforcement agencies against some platforms, new rules being issued every few weeks, and regulatory changes, even if there is a lack of clarity on the policy in the long run.