The Internet and Mobile Association of India’s (IAMAI) decision to dismantle the Blockchain and Crypto Assets Council (BACC) is prompting the cryptocurrency exchanges (CEXs) of India to hold talks, per sources.
Sources reveal at least ten crypto exchanges and their representatives are present in the on-going meeting in question.
“We have always valued our association with IAMAI, however, we are also shocked and disappointed with their sudden decision,” said Sumit Gupta, co-chair, BACC, and co-founder, CoinDCX on Tuesday.
The finance minister of India’s recent announcement that the Reserve Bank of India is willing to prohibit cryptocurrency is also a point of concern for the crypto industry stakeholders.
“With BACC, we were able to bring the crypto industry together and work on many key projects to build confidence in the industry. Our stated belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns around user protection and to advocate progressive regulations. Notwithstanding the current situation, as an industry, we will continue to positively engage with all stakeholders” added Gupta.
An industry and stakeholder-wide crypto industry advocacy meeting of this stature is a first for India. Meeting outcomes are expected to be made available soon.