The Indian cryptocurrency industry is looking to create an independent association to liaison with the government on policies and highlight issues with relevant stakeholders.

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Fast facts

• Key stakeholders have engaged in preliminary talks but the association’s establishment is not expected to be immediate, the Economic Times reported.

• The move comes after the Blockchain and Crypto Assets Council (BACC), the advocacy body representing the Indian crypto industry’s interests, was dissolved last week by its parent organization, the Internet and Mobile Association of India (IAMAI).

• “We feel that IAMAI is trying to distance (itself) from crypto as (it) feels the government is not in favor of private digital currencies,” the Economic Times quoted an unidentified BACC member in its report.

• An IAMAI release said it dissolved BACC as the latter’s endorsement did not line up with IAMAI’s long-term objectives, Economic Times said in its report.

• However, IAMAI added it will support India’s central bank digital currency.

• India’s top five crypto firms provided most of the funding to BACC, which was “a costly association and there wasn’t any (return on investment) for an industry which is under severe cost pressure,” Economic Times quoted an unidentified crypto exchange chief executive officer.

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