Group representing Indian crypto exchanges to be dismantled: Report




India’s only lobby for blockchain and crypto exchanges will be dismantled, said a media report on Friday quoting a source in a group representing the wider mobile technology sector.


The Blockchain and Crypto Assets Council (BACC) speaks for an industry already sell-off pressure. Bitcoin, the largest cryptocurrency by market cap, was trading at $20,798.02 on Friday. The Indian government, in Budget 2022, had imposed a 30 per cent tax on the proceeds from the sale of cryptocurrency. Additionally, a 1 per cent tax deducted at source (TDS) has also come into effect from July 1, 2022.


The Internet and Mobile Association of India (IAMAI) is dismantling BACC after disagreement and allegations that crypto exchanges were not following an internal code of conduct, according to a report by moneycontrol.com.


“The BACC group has been highly indisciplined in terms of following through the demands and requirements of the government as decided during the meetings with government bodies. The only commitment that was processed through timely was the pulling down TV and digital commercials promoting crypto investing. IAMAI will not be involved with the crypto body or discussions going forward,” the report said, quoting a person aware of the matter.


Reserve Bank of India (RBI) governor Shaktikanta Das, on June 30, said that cryptocurrencies are a “clear danger”. He added that anything that derives value based on make-believe, without any underlying, is just speculation under a sophisticated name.


Since March 2022, global crypto markets have crashed by over 80 per cent, in terms of market cap. High inflation, tighter policy stance by the central banks, the war in Ukraine and new tax rules are some of the factors for the same. Bitcoin alone has swept off nearly $500 billion of investors’ wealth since March.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



This news is republished from another source. You can check the original article here

Be the first to comment

Leave a Reply

Your email address will not be published.


*