IAMAI dissolves blockchain council, to focus on CBDCs instead of crypto
IAMAI said it prefers to use its limited resources for other sectors, "which make a more immediate and direct contribution to the social and economic mandate of digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency [CBDC]."
The Internet and Mobile Association of India (IAMAI) today announced that it is dissolving the Blockchain and Crypto Assets Council (BACC), an association created four years ago, in a statement.
IAMAI said it was forced to take this 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 the social and economic mandate of digital India, notably, deepening financial inclusion and promoting Central Bank issued Digital Currency [CBDC]."
As per the statement, IAMAI informed the BACC members today about the decision. Members were also reportedly advised that IAMAI will continue to support BACC's activities till the end of the month to ensure a smooth and proper transition of the sector and closure of the ongoing projects.
In a joint statement, Ashish Singhal and Sumit Gupta, Chair and Co-chair of the BACC, said, "Our stated belief as an industry has always been to have a sustainable dialogue with regulators and stakeholders and address concerns for progressive regulations. As an industry, we will continue to positively engage with all stakeholders and continue to build emerging tech, including Web 3."
(This story was updated with new information from the IAMAI.)
Edited by Suman Singh