The Blockchain and Crypto Assets Council will no longer exist, according to the Internet and Mobile Association of India . The BACC is being disbanded. According to a statement from the IAMAI,
Members were also informed that IAMAI would support BACC activities through the end of the month. This would be done to guarantee a seamless transition and proper conclusion of ongoing projects. Ashish Singhal and Sumit Gupta, chair and co-chair of BACC, in a joint statement, said, Additionally, the demolition of BACC by IAMAI, according to crypto specialists, will result in the loss of a significant policy lobbying arm for the young industry.Not to forget, the Indian crypto ecosystem was represented by BACC. It has been collaborating with regulators, businesses, and policymakers to make better sense of the current crypto situation in India.