Setting The Stage The Blockchain And Crypto Assets Council

The Dissolution of India's Blockchain and Crypto Assets Council: What it Means for the Industry

Setting the Stage: The Blockchain and Crypto Assets Council

The Blockchain and Crypto Assets Council (BACC) was an industry body representing various players in India's cryptocurrency ecosystem, including prominent exchanges such as CoinSwitch Kuber, WazirX, and CoinDCX. The council was established under the umbrella of the Internet and Mobile Association of India (IAMAI) in 2019.

Recent Developments and the Council's Dismantling

Recently, it was announced that IAMAI had disbanded the BACC. This move came amidst ongoing regulatory uncertainty surrounding cryptocurrencies in India. The council had been actively engaged in discussions with policymakers and stakeholders to promote the growth and adoption of crypto assets in the country.

The Crypto Pitch for Legitimacy

Prior to its dissolution, the BACC had presented its case for the legalization and regulation of cryptocurrencies in India. They emphasized the potential benefits of blockchain technology and crypto assets for areas such as financial inclusion, innovation, and economic growth. The council also called for a clear regulatory framework to provide certainty and support for the industry.

Regulatory Uncertainty Prevails

Despite the efforts of the BACC and other industry stakeholders, the regulatory landscape for cryptocurrencies in India remains unclear. This has been a major factor in the council's dissolution. Until a comprehensive regulatory framework is established, it is difficult for the crypto industry to thrive and reach its full potential in the country.

What's Next for India's Crypto Ecosystem?

The dissolution of the BACC marks a significant development in the evolution of India's crypto industry. It highlights the need for clear and supportive regulations to enable the growth and adoption of crypto assets. While the industry faces challenges, it is likely that players will continue to advocate for a conducive regulatory environment. The future of cryptocurrency in India will depend on how policymakers approach regulation and whether they recognize the potential benefits of blockchain technology and crypto assets.