Indian Blockchain And Crypto Assets Council Dissolved By Parent Organization Amidst Market Downturn

The Internet and Mobile Association of India (IAMAI) has dissolved a division, the Blockchain and Crypto Assets Council (BACC), according to a statement released by CoinDesk.

What Happened: The decision by IAMAI was made unanimously without consulting the BACC.

Over the past few months, Indian regulatory authorities have tightened the nation’s cryptocurrency policies. On April 1, authorities announced a 30% tax on all income generated from crypto. India then introduced a 1% tax deducted at source (TDS), charged on all individual transactions above 10,000 INR (Indian rupee), approximately $126 U.S. dollars.

The statement further clarified the decision to dissolve the BACC was caused by the IAMAI believing it to be a threat to the association’s credibility and reputation. India’s current regulatory policies and taxes disincentivize the Indian crypto sector. As India's crypto sector continues to grow and intertwine with other industries, Indian authorities may have to reconsider their current discouraging stance.

See Also: Is Bitcoin A Good Investment in 2022?