The Internet and Mobile Association of India, IAMAI, has announced the dissolution of the BACC Blockchain and Crypto Assets Council after five years of serving the cryptocurrency industry.
The BACC included all major Indian exchanges for trading crypto assets, including CoinDCX and CoinSwitch, as well as international companies Binance and Chainalysis. According to IAMAI, it intends to focus on non-cryptocurrency sectors. This information was confirmed to The Block by Sathvik Vishwanath, the CEO of the Unocoin cryptocurrency exchange.
The decision of IAMAI is associated with a significant decline in the cryptocurrency market, when the bitcoin rate fell below $20,000. In addition, the cryptocurrency industry has recently seen the collapse of notable business projects – in July, cryptocurrency brokers Voyager Digital and Celsius filed for bankruptcy, and the trading volume Indian cryptocurrency exchanges fell by 63% after the introduction of a tax of 1% on each transaction.
BACC was created to lobby for the interests of the digital currency industry. Previously, IAMAI opposed the Reserve Bank of India (RBI) ban on banking of crypto companies. In 2020, the organization won a victory in the Supreme Court of India, obtaining permission to use cryptocurrencies in the country.
Vishwanath assured that the closure of BACC will not affect the development of the industry, since large trading platforms independently and actively interact with the government.
When asked who will continue to protect the interests of the cryptocurrency industry players, Vishwanath replied that the exchanges have enough finance to resolve such issues. In addition, they now appoint separate compliance managers. In April, the CoinDCX exchange held another round of funding, during which it raised $135 million.
Source: Bits
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