The Blockchain and Crypto Assets Council (BACC), the advocacy body representing Indian crypto industry interests, has been dissolved by its parent organization, the Internet and Mobile Association of India (IAMAI), according to a statement seen by CoinDesk.
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Fast facts
- IAMAI made the decision without discussing the matter with the BACC, CoinDesk reported, citing unidentified sources.
- “The [IAMIA] 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 utilize 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 a central bank-issued digital currency (CBDC),” the association said in a statement, according to CoinDesk.
- India introduced a 30% tax on all crypto income from April 1, and a 1% tax deducted at source on transactions above 10,000 Indian rupees (about US$125).
- Differences had cropped up between IAMAI and some members of the BACC on how to react to the new taxes on crypto trading.
- IAMAI did not support the view of some industry participants who felt a legal challenge was the best way forward, CoinDesk reported.
- The association felt it was risking its reputation and credibility and it was time the crypto industry recognized it needed to change its approach, according to the report.
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