Crypto Players are Planning a New Industry Body

Cryptocurrency exchanges and blockchain companies are attempting to form their own independent association after the Internet and Mobile Association of India (IAMAI) abruptly disbanded the Blockchain and Crypto Assets Council (BACC) last week, effectively ending an affiliation in which both sides were increasingly diverging.

According to industry insiders, preliminary talks are underway between key stakeholders, but a new association will take time to form because key stakeholders must still find common ground. The differences between the two camps (IAMAI and BACC) had been simmering for months, with crypto players believing that IAMAI wasn't doing enough to advance their cause, while the industry body believed that crypto players needed to do more in terms of government compliance.

According to a crypto exchange executive, the crypto exchanges were only informed about the closure of BACC after IAMAI made the decision.

“We feel that IAMAI is trying to distance themselves from crypto as they feel the government is not in favour of private digital currencies,” a BACC member said.

According to an IAMAI press release, the organisation has decided to dissolve BACC because its advocacy does not align with IAMAI's long-term goals. IAMAI, on the other hand, stated that it will continue to support CBDC initiatives.