The Internet and Mobile Association of India (IAMAI), which works closely with the Indian government to promote digital companies, has reportedly decided to dismantle the Blockchain and Crypto Assets Council (BACC).
The IAMAI announced it is dissolving BACC to focus on non-crypto sectors and has thus decided to distance itself from cryptocurrency.
BACC represented the Indian crypto ecosystem. It has collaborated with policymakers, regulators and the private sector. Members of the council include WazirX, CoinDCX, CoinSwitch Kuber, ZebPay, BitBNS, Chingari, Vauld, and Mudrex, among others.
The market crash and implementation of a harsh crypto tax regime have battered India.
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According to Sathvik Vishwanath, co-founder and CEO of Indian crypto exchange Unocoin and a BACC member, IAMAI called the meeting to inform BACC members of its decision and not to discuss it.
“It was not like a meeting for discussion. They had made up their mind already,” he said. “So it was only the one-way communication.”
