Crypto players plan new industry body as IAMAI dismantles lobby group

economictimes.indiatimes.com:

Cryptocurrency exchanges and blockchain companies are trying to cobble together their own independent association after Internet and Mobile Association of India (IAMAI)dismantled Blockchain and Crypto Assets Council (BACC) last week in a surprise move, bringing to an end an affiliation in which both sides were increasing taking divergent stances on key issues. Industry insiders said preliminary talks are on between key stakeholders, but a new association will take time to form as key stakeholders are still to find a common ground. The differences between the two camps (IAMAI and BACC) had been simmering for many months, with crypto players feeling that IAMAI wasn’t doing enough to push their cause, while the industry body felt that the crypto players needed to do more in terms of compliance with government regulations.

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The crypto exchanges were informed about the closing down of BACC only after IAMAI had taken the decision, a crypto exchange executive claimed. “We feel that IAMAI is trying to distance themselves from crypto as they feel the government is not in favour of private digital currencies,” a BACC member said. An IAMAI release said it has decided to dissolve BACC since BACC’s advocacy does not align with IAMAI’s long-term objectives. IAMAI will, however, continue to support CBDC initiatives, it said. Even within BACC, there was a particular group that wanted to aggressively pursue legal recourse against the government, while others wanted to settle issues more diplomatically. The top 4-5