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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

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…

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