IAMAI Statement on Dissolution of BACC

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Mumbai- In a statement the Internet and Mobile Association of India (IAMAI) has stated that it is dissolving the Blockchain and Crypto Assets Council (BACC), which the association created and nurtured for four years. The association was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain, and that the association would like to utilise its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency [CBDC].

Members of the BACC were informed about the decision at a meeting held here today. Members were also advised that IAMAI will continue to support activities of the BACC till the end of the month to ensure smooth and proper transition of the sector as well as closure of the ongoing projects.

In a joint statement, Chair and Cochair of the BACC, Mr Ashish Singhal and Mr Sumit Gupta have said “Our stated belief as industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry we will continue to positively engage with all stakeholders and continue to build emerging tech including Web 3.0”