In order to coordinate with the government on policies and highlight issues with relevant stakeholders, the Indian cryptocurrency industry is looking to create an independent association.
- The Economic Times reported, key stakeholders have engaged in preliminary talks but the association is not expected to be establish immediately.
- The decision comes after the Blockchain and Crypto Assets Council (BACC), the advocacy body which represented the Indian crypto industry’s interests, was dissolved last week by its parent organization, the Internet and Mobile Association of India (IAMAI).
- The Economic Times quoted an unidentified BACC member in its report stating, “We feel that IAMAI is trying to distance (itself) from crypto as (it) feels the government is not in favor of private digital currencies”.
- Economic Times said in its report, an IAMAI release said it dissolved BACC as the latter’s endorsement is not aligned with IAMAI’s long-term objectives.
- IAMAI however added it will support India’s central bank digital currency.
- Economic Times stated an unidentified crypto exchange chief executive officer that most of the funding to BACC was provided by India’s top five crypto firms, which was “a costly association and there wasn’t any (return on investment) for an industry which is under severe cost pressure”.