The Indian crypto sector is forming a new liaison group

The Indian cryptocurrency sector is trying to establish an autonomous organisation to coordinate policy with the government and raise problems with key parties.

See related article: This is why Bitcoin's return to $30K could take as long as August 22

Quick facts

• The Economic Times said that key parties have begun preliminary discussions, but the formation of the group is not likely to be imminent.
• The decision follows the dissolution of the Blockchain and Crypto Assets Council (BACC), the advocacy body representing the interests of the Indian crypto industry, by its parent organization, the Internet and Mobile Association of India, last week (IAMAI).
• "We believe IAMAI is attempting to separate itself from crypto because it believes the government is not in favor of private digital currencies," an anonymous BACC member told the Economic Times.
• According to the Economic Times, an IAMAI announcement stated that it disbanded BACC because the latter's support did not align with IAMAI's long-term aims.
• IAMAI, on the other hand, stated that it will back India's central bank's digital currency.
• The majority of the financing went to BACC, which was described as "a pricey association with no (return on investment) for an industry under tremendous cost pressure" by an anonymous crypto exchange CEO, according to the Economic Times.

See related article: Putin Signs Legislation Outlawing Cryptocurrency Payments In Russia.