“The association was forced to take the decision in light of the fact that a resolution of the regulatory environment for the industry is still very uncertain, and that the association would like to utilise its limited resources for other emerging digital sectors, which make a more immediate and direct contribution to digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency [CBDC]
,” the statement said.
In a joint statement, Chair and Co-chair of the BACC, Ashish Singhal and Sumit Gupta said, “Our stated belief as industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations.
Crypto experts say the nascent industry will lose a prominent policy advocacy arm with the dismantling of BACC by IAMAI.
Source : Financial Express