IAMAI Dissolves Policy Body Representing India’s Crypto EcoSystem
- The policy body formed by the Blockchain and Crypto Assets Council (BACC) governing the crypto affairs of India, has been disbanded by its parent, the Internet, and Mobile Association of India (IAMAI).
The Internet and Mobile Association of India (IAMAI) has reportedly disbanded the policy body representing the interests of India’s crypto ecosystem. The body is made up of the Blockchain and Crypto Assets Council (BACC).
IAMAI and India’s Crypto Space
Reportedly, the policy body formed by the Blockchain and Crypto Assets Council (BACC) governing the crypto affairs of India, has been disbanded by its parent, the Internet, and Mobile Association of India (IAMAI). A witness said;
“We were told that the IAMAI has distanced itself from advocacy for crypto exchanges,”
Without giving clarity on the reason behind the decision nor what the disbanding would mean for the crypto industry, IAMAI announced its decision to dissolve the policy body via a video conference call with industry stakeholders and representatives of crypto exchanges.
“We did not get a straight answer and were simply told in a roundabout manner that this is a collective decision,” the source further disclosed.
Sources revealed that the decision was not particularly discussed with the BACC before it was finalized. Hence, representatives of India’s crypto ecosystem are left to ponder the thoughts of whether a new or separate body will be formed to be the industry’s policy advocate.
The report disclosed the existence of certain disagreements between the IAMAI and some members of the BACC regarding matters on the way forward after India imposed unpleasant taxes on crypto trading. Hence, it appears that this may have triggered the move
Furthermore, a person with knowledge of internal consultations also gave a few insights on the reasons that triggered the move by the IAMAI. The person noted a lack of maturity among crypto founders to take matters seriously with the government as part of the reasons behind the disbanding.
According to the statement from the person, IAMAI is concerned with the incredible loopholes and regularities surrounding India’s parliamentary finance body. Hence, it felt it was risking a reputation and credibility earned over years of working with new industries and it was time that the crypto industry got the message.
Over the years, the adoption of the crypto industry has seen several regulatory setbacks in India. The use of cryptocurrencies in the country has seen several rejections in the country after it earlier placed a ban on crypto trades.
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
