TechFlow news, according to CoinDesk, citing three sources familiar with the matter, the Blockchain and Crypto Assets Council (BACC), a policy body representing the interests of India's crypto ecosystem, has been disbanded by the Internet and Mobile Association of India (IAMAI). The decision was made by IAMAI and announced during a video conference with industry stakeholders and representatives from cryptocurrency exchanges as a "collective decision," without prior discussion with BACC, the sources said.
The report stated that this move is another blow to India's cryptocurrency industry, which has already suffered a series of setbacks due to stringent taxation, payment processors cutting off exchanges, plummeting trading volumes, and a global bear market.
BACC was a non-profit advocacy group under the Internet and Mobile Association of India (IAMAI), with members including local cryptocurrency exchanges such as CoinSwitch Kuber, CoinDCX, and WazirX.
