India's biggest crypto exchanges are meeting in Bengaluru, the tech capital of India, to recalibrate their plans for the industry, according to multiple sources.
This comes after the Blockchain and Crypto Assets Council (BACC), the advocacy body that represented the industry, was disbanded last week by its parent, the Internet and Mobile Association of India (IAMAI).
On Monday, in what was the first official confirmation of the position of India's central bank, the country's finance minister confirmed that the central bank wants to prohibit cryptocurrencies.
At least 10 of India's largest crypto exchanges and their representatives are in the meeting, still underway at press time, a source said.
"We have always valued our association with IAMAI, however we are also shocked and disappointed with their sudden decision," Sumit Gupta, co-chair of the now-defunct BACC, said in a written statement on Tuesday, adding that crypto advocates like him will "continue to double down" on their efforts. Gupta is also the co-founder and CEO of CoinDCX, one of India's prominent crypto companies.
"With BACC, we were able to bring the crypto industry together and work on many key projects to build confidence in the industry," Gupta said. "Our stated belief as an industry has always been to have sustainable dialogue with regulators and stakeholders and address concerns around user protection and to advocate progressive regulations. Notwithstanding the current situation, as an industry we will continue to positively engage with all stakeholders."
The crypto industry coming together like this for a meeting is a first since crypto in India was hit by several blows including the imposition of stiff taxes, payment processors cutting off exchanges, trading volumes crashing, a global bear market, the central bank's desire for a ban and the finance ministry's position on waiting for global consensus before framing regulation.
Details on the outcome of the meeting are expected later on Tuesday.
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