Founders dissolve India’s Blockchain and Crypto Assets Council

The Internet and Mobile Association of India IAMAI announced the dissolution of the BLOCKCHAIN and Crypto Assets Board BACC after five years of work in the interests of the cryptocurrency industry.

BACC included all major Indian exchanges for trading crypto assets, including CoinDCX and CoinSwitch, as well as international companies Binance and Chainalysis. As reported by IAMAI, it intends to focus on sectors not related to cryptocurrencies. This information was confirmed to The Block by the CEO of the Unocoin cryptocurrency exchange Sathvik Vishwanath.

The IAMAI decision 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 on Indian cryptocurrency exchanges decreased by 63% after the introduction of a tax of 1% on each transaction.

BACC was created to lobby the interests of the digital currency industry. Earlier, IAMAI opposed the ban of the Reserve Bank of India (RBI) on banking services to cryptocurrency companies. In 2020, the organization won the Supreme Court of India, obtaining permission to use cryptocurrencies in the country.

Viswanat 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 cryptocurrency industry players, Viswanat replied that the exchanges have enough finances to solve 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.