The Internet and Mobile Association of India, or IAMAI, announced the dissolution of the Blockchain and Crypto Assets Council (BAAC) earlier in July. IAMAI opined that the association is blessed with limited resources and would like to utilize the same to make a more direct contribution to ‘digital India. IAMAI also remarked that it was actively looking for ways to promote the Central Bank Digital Currency (CBDC).
What is IAMAI?
The Internet and Mobile Association of India, or IAMAI, is a non-profit body established in 2004. It is the only organization in India that represents the digital services industry. It consists of more than 400 national and international corporations as its members. Furthermore, it is a unified platform representing the government, consumers, investors, and other stakeholders of multiple sectors.
In its official statement, the IAMAI remarked that they were strong-armed into taking this decision because of the uncertain nature of the industry’s regulatory framework. IAMAI wishes to utilize its limited resources for emerging digital sectors. As of now, IAMAI has decided to distance itself from the cryptocurrency market.
BACC shall continue operations till the end of July for the completion of ongoing projects. All the crypto trading and exchange platforms that are a part of BACC were informed of this decision in a meeting held in Mumbai.
Chair and Co-chair of BACC, Ashish Singhal from CoinSwitch and Sumit Gupta from CoinDCX, jointly opined that crypto platforms in the country shall continue batting for regulations and actively engaging with stakeholders.