The industry body IAMAI dissolves crypto, blockchain law business
The Internet and Mobile Association of India (IAMAI) – the industry body representing top Internet companies and technology platforms – has dissolved a key entity set up four years ago to make a public spokesman for the cryptocurrency and blockchain sector, citing regulatory uncertainty. statement Thursday.
The Blockchain and Crypto Assets Council (BACC) – which represents Indian crypto-industry players such as CoinSwitch Kuber, WazirX, CoinDCX, Zebpay, BitBNS, Vauld, Chingari, Mudrex, etc – was formed to defend the crypto-industry’s arguments against regulators such as Reserve Bank of India (RBI).
The central bank has seen private cryptocurrencies as a threat to the monetary stability of the country. Late last month, RBI Governor Shaktikanta Das noted that cryptocurrencies “are a clear danger” and that the country must be “aware of the new risks on the horizon”. This, while RBI is working towards launching its own digital currency.
“The association was forced to make the decision in light of the fact that a solution of the regulatory environment for the industry is still very uncertain, and that the association wants to use its limited resources to other emerging digital sectors, which make a more immediate and direct contribution to digital India. , in particular the deepening of financial inclusion and the promotion of central bank-issued digital currency (CBDC), »said IAMAI in its statement.
It also said that members of the BACC were informed of the decision at a meeting held here on Thursday. Members were also told that IAMAI will continue to support BACC activities until the end of the month to ensure a smooth and correct transition of the sector as well as the completion of ongoing projects.
According to sources, the proposal to dismantle the BACC has been under consideration by the IAMAI for some time, given the increasing tightening of standards for cryptocurrencies by the government and the attitude taken by the RBI.
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In a joint statement, BACC leader Ashish Singhal and co-chair Sumit Gupta said: “Our stated belief as an industry has always been to have a sustainable dialogue with regulators and stakeholders and address concerns about progressive regulation. As an industry, we will continue to engage positively with all stakeholders and continue to build emerging technologies, including Web 3.0 “.
In recent years, several Indian entrepreneurs and developers in the Web 3.0 area have moved out of the country in an attempt to move the base to more crypto-friendly destinations, such as the UAE. This has taken place in the midst of a progressive downsizing of cryptocurrencies, including action by enforcement agencies against certain platforms, new rules and regulatory adjustments being issued every few weeks, although there is a lack of clarity on long-term policy.
