IAMAI, which stands for Internet and Mobile Association of India, concluded that they are stopping BACC. Blockchain and Crypto Assets Council focuses on cryptocurrency and other blockchain-based currencies. It was created 4 years ago by IAMAI. The reason behind this decision was stated that the cryptocurrency is still in its primitive stage. It’s still precarious, so we would like to focus on other emerging digital assets. In addition, they stated that they would like to make better use of their limited resources by focusing on other assets that contribute directly to the national and global economy.
The members of the BACC got the news of dissolution in a meeting conducted in Mumbai on 14th July 2022. IAMAI said they would support the BACC department this month so the ongoing projects can be finished or transitioned correctly. BACC was a committee that provided a platform to the crypto industry. Indian authorities have denied the opinion that crypto can become a form of transmitting money and payments inclusively soon. However, the opinion differs globally. The Co-chair and Chair of BACC said that they will continue working on the development of Web 3.0 and communicating with other stakeholders about their industry concerns.
The crypto industry is already going through a tough time. The fall of TerraUSD has brought several shocking stir-ups in the whole industry. The move of IAMAI will be another shocking stir-up for the whole crypto industry, especially in India. Crypto companies are already fighting the market crash and strict tax policy. Crypto experts have opinionated that the dissolution of BACC will snatch a great advocator of the crypto industry among the authorities. This will cause more obstacles in front of the crypto companies as well as investors.
