Sunday, June 23, 2024

IAMAI dissolves BACC as the industry continues to bat for regulations.

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.

IAMAI says

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.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
RELATED ARTICLES

Most Popular