What’s up? The Internet and Mobile Association of India (IAMAI) has decided to shut down the Blockchain and Crypto Assets Council (BACC), the group said in a statement on July 14, multiple outlets have reported. Major crypto and blockchain players are now are trying to come together and build an independent body to highlight concerns within the sector. The BACC was set up in 2017 to represent cryptocurrency exchanges and startups working in the blockchain and related spaces. Its members include leading exchanges such as WazirX, CoinDCX, CoinSwitch Kuber, and other blockchain and non-fungible token (NFT) startups. What did IAMAI say? The IAMAI said that it will continue to support activities of the BACC till the end of July to ensure a “smooth and proper transition of the sector as well as the closure of the ongoing projects.” “The association 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],” the IAMAI’s statement said. Why does it matter? Talks on shutting down the BACC had been brewing for some time amid a growing disagreement between the Reserve Bank of India (RBI) and crypto exchanges over the virtual currency’s legal status in India. The RBI is seeking…
Why is IAMAI dissolving its crypto self-regulator, BACC?
The digital industry lobby group in India is shutting its blockchain, cryptocurrency arm BACC amid a climate of regulatory uncertainty
- Explained: The G20 Task Force On Digital Public Infra for Economic Transformation, Financial Inclusion & Development April 1, 2023
- MediaNama Daily: The Great Indian Surveillance Spectacle April 1, 2023
- Are Courts Doing Enough To Question “Proportionate” Intrusions on Privacy And Other Rights? #NAMA March 31, 2023
- Why did PhonePe cancel its deal to acquire ZestMoney? March 31, 2023
- RTI: Chennai police confirms 9 drones as part of a Drone Police Unit and here’s why it’s important March 31, 2023
MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.
Amazon announced that it will integrate its logistics network and SmartCommerce services with the Open Network for Digital Commerce (ONDC).
India's smartphone operating system BharOS has received much buzz in the media lately, but does it really merit this attention?
After using the Mapples app as his default navigation app for a week, Sarvesh draws a comparison between Google Maps and Mapples
In the case of the ‘deemed consent' provision in the draft data protection law, brevity comes at the cost of clarity and user protection
The regulatory ambivalence around an instrument so essential to facilitate data exchange – the CM framework – is disconcerting for several reasons.
Please subscribe to MediaNama. Don't share prints and PDFs.
You May Also Like
Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...
135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...
Twitter takes down tweets from MP, MLA, editor criticising handling of pandemic upon government request
By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...
Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...