- The Blockchain and Crypto Assets Council has shut down effective immediately.
- BACC’s parent organization, Internet & Mobile Association of India (IAMAI), decided to close the group and prioritize non-crypto industries.
- The IAMAI has represented India’s crypto sector since around 2018.
- Member companies and local exchanges like Unocoin and CoinDXC were informed in a meeting on Thursday.
- Binance, Coinbase, Chainalysis, and Huobi were also members of the group.
- As reported by The Block, a person with knowledge of the matter opined that the development could be a “good thing” for the industry.
The Blockchain and Crypto Assets Council (BACC), an Indian group with crypto-related lobbying as its mandate, has closed its operations in the country and the organization in charge of the group announced its decision to reinvest efforts in non-crypto industries, as reported by The Block’s Yogita Khatri.
According to the report, BACC’s shutdown was revealed to member companies and platforms during a meeting held on Thursday by the Internet & Mobile Association of India (IAMAI), BACC’s umbrella organization.
Sathvik Vishwanath, CEO of local crypto exchange Unocoin, said that the IAMAI will focus its attention on lobbying in other sectors of India’s economy asides from cryptocurrencies, per The Block’s report.
While it remains unknown how this development might impact the local crypto industry, a stakeholder opined that the move could turn out as a “good thing” for the space. The digital asset exchange official noted that companies and platforms currently lead relevant activities.
Also, the anonymous commenter surmised that exchanges and crypto companies could band together and form their own association in the near future.
India’s BACC Fought For Crypto Survival In The Country
The IAMAI’s shutdown of its dedicated crypto council comes five years after the group started lobbying on behalf of digital assets in India. Back in 2018, BACC challenged the Reserve Bank of India’s move to prohibit financial firms from doing business with crypto companies.
Later in 2020, the IAMAI clinched a court victory in the Supreme Court and overturned a nationwide crypto banking ban issued by the RBI.