IAMAI Dissolves Blockchain and Crypto Assets Council

The Internet and Mobile Association of India (IAMAI) announced today that the Blockchain and Crypto Assets Council (BACC) has been dissolved and that it will no longer represent the industry. IAMAI established BACC four years ago to address uncertain regulatory issues. It has represented cryptocurrency exchanges such as CoinDCX, Unocoin, Zebpay, WazirX, and Paxful.

“A lot of good work was done by BACC. However while individual players are doing a good job, they could not really come together as an industry body. Many current crypto exchanges were not even part of BACC when it was born. BACC being part of IAMAI created a twin power structure. Imagine answering to two board of directors. It becomes confusing,” said Ajeet Khurana who was the head of BACC and the former CEO of Zebpay.

He now believes that cryptocurrency requires its own industry body. IAMAI stated that it would like to use its limited resources to support other emerging digital sectors. The decision was announced to BACC members at a meeting on July 14. Members were also informed that IAMAI will continue to support the BACC's activities until the end of the month in order to ensure a smooth and proper transition and closure of ongoing projects.