Summary:<\/p>\n\n\n\n
The Blockchain and Crypto Assets Council (BACC), an Indian group with crypto-related lobbying as its mandate, has closed its operations in the country and the organization in charge of the group announced its decision to reinvest efforts in non-crypto industries, as reported by The Block\u2019s Yogita Khatri.<\/a><\/p>\n\n\n\n According to the report, BACC\u2019s shutdown was revealed to member companies and platforms during a meeting held on Thursday by the Internet & Mobile Association of India (IAMAI), BACC\u2019s umbrella organization.<\/p>\n\n\n\n Sathvik Vishwanath, CEO of local crypto exchange Unocoin, said that the IAMAI will focus its attention on lobbying in other sectors of India\u2019s economy asides from cryptocurrencies, per The Block\u2019s report.<\/p>\n\n\n\n While it remains unknown how this development might impact the local crypto industry, a stakeholder opined that the move could turn out as a \u201cgood thing\u201d for the space. The digital asset exchange official noted that companies and platforms currently lead relevant activities. <\/p>\n\n\n\n Also, the anonymous commenter surmised that exchanges and crypto companies could band together and form their own association in the near future.<\/p>\n\n\n\n The IAMAI\u2019s shutdown of its dedicated crypto council comes five years after the group started lobbying on behalf of digital assets in India. Back in 2018, BACC challenged the Reserve Bank of India\u2019s move to prohibit financial firms from doing business with crypto companies.<\/p>\n\n\n\n Later in 2020, the IAMAI clinched a court victory in the Supreme Court and overturned a nationwide crypto banking ban issued by the RBI. <\/p>\n\n\n\n The group boasted a members list featuring<\/a> both local exchanges like Unocoin and WazirX<\/a>, along with international giants like Binance, Coinbase, Chainlysis, Huobi, and Zebpay to name a few.<\/p>\n","protected":false},"excerpt":{"rendered":" India’s BACC has shut down after years of challenging the RBI and lobbying for crypto’s interest in the country.<\/p>\n","protected":false},"author":55,"featured_media":573390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[947,2],"tags":[108399,108589],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573389"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=573389"}],"version-history":[{"count":2,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573389\/revisions"}],"predecessor-version":[{"id":573393,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/573389\/revisions\/573393"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/573390"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=573389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=573389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=573389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}India\u2019s BACC Fought For Crypto Survival In The Country<\/h2>\n\n\n\n