New blockchain council on the cards post dissolution of BACC

After the termination of the Blockchain and Crypto Assets Council (BACC) by the Internet and Mobile Association of India (IAMAI), blockchain firms and cryptocurrency exchanges are working to create an independent think tank on upcoming issues within the sector.

What are crypto players up to?

As per reports, blockchain and crypto players are in preliminary discussions to create an independent association and are busy coming up with a ‘common ground’.

What has led to all this?

IAMAI dissolved BACC the previous week over an ‘ambiguous regulatory environment’. It has been said that the association would like to use the restricted sources for other flourishing digital sectors. But it targets to make continued contributions to segments within the blockchain such as the promotion of Digital Currency issued by the Central Bank.

What are IAMAI and the industry’s opinions about it?

Reportedly, the industry assumes that there were tensions between BACC and IAMAI over the fact that the latter was not presenting their problems and cause enough. On the other hand, IAMAI felt that the cryptocurrency players were required doing more regarding compliance with government regulations. As per reports, IAMAI intends to distance itself from the cryptocurrency sector.

Shed some more light

As reported previously, IAMAI was not content with the exchanges not adhering to codes of conduct established internally, and disagreements between the blockchain founders and the association have only increased.

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