IAMAI decides to dismantle BACC

The IAMAI (Internet and Mobile Association of India) has made it clear to dismantle the BACC (Blockchain and Crypto Assets Council), which was created to represent cryptocurrency exchanges before authorities such as RBI (Reserve Bank of India) and other main government departments. As per two sources, IAMAI decided to distance itself from crypto.

When did the discussion of dismantling BACC start?

The debate about dismantling BACC – developed in 2017 – was a hot topic for some time during the growing conflict between crypto exchanges and the central bank over the legal status of digital currency in India. Currently, Shaktikanta Das, governor of RBI said the cryptos were a ‘clear danger’.

When is the decision finalized?

A source said that the decision was taken to dismantle BACC the previous week. It wasn’t working out between the industry association and exchanges during clear guidelines from the RBI that its perspective hadn’t changed on cryptocurrency.

What is BACC?

An industry body – BACC served as a protection entity for over a dozen blockchain and cryptocurrency firms to liaison with the government and show their interests.

What is IAMAI? 

Founded in 2004, IAMAI is a lobbying group that displays the interests of the virtual services industry and has more than 400 multinational and national corporations as its members. Digital payments, online gaming, fintech, edtech, and digital commerce are some of the sectors it represents.

What was the purpose of BACC?

BACC served as a self-regulatory body for the cryptocurrency industry which still falls under a legal gray area. Among other things, the body introduced a standard code of conduct for all cryptocurrency platforms to follow, which was expected to be modified to avoid run-ins with the regulators. 

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