The Internet and Mobile Association of India (IAMAI) has dissolved the Blockchain and Crypto Assets Council (BACC), which was established to represent cryptocurrency exchanges before authorities, such as the Reserve Bank of India (RBI) and other important government institutions, the Economic period reported. According to the report, IAMAI has decided to distance itself from cryptocurrency.
More than a dozen cryptocurrency and blockchain companies have used the industry association, BACC, as an umbrella organization to communicate with the government. It included major cryptocurrency exchanges, such as WazirX, CoinDCX, and CoinSwitch Kuber.
In other news, Crypto investment app, CoinSwitch, in association with Startup Karnataka, an initiative of the Government of Karnataka, and MP (Bangalore South) Tejasvi Surya, is hosting a Blockchain Hackathon, Building Future Cities on 5 and August 6, 2022. It aims to recognize and boost blockchain-based solutions to the daily problems faced by India’s 1.2 billion people.
The hackathon is also supported by Sequoia India.
“The world is looking to India. Under the able leadership of Prime Minister Narendra Modi, India has brought about a digital revolution that has touched every corner of this country. We are now ready for the next big leap in technology to build a Blockchain-powered India. I am thrilled to partner with CoinSwitch for a one-of-a-kind Blockchain Hackathon and sow the seeds of India’s future in Bengaluru,” Surya said.
Bitcoin (BTC) price fell 0.40% in the past 24 hours and was trading at $19,740.16 as of 4:45 p.m. According to data from Coinmarketcap.com, its dominance in the Bitcoin market crypto is currently at 42.68%, down 0.14% in the last 24 hours.
Ethereum (ETH) was trading at $1,084.20, down 0.30%, while Binance Coin (BNB) was up 0.10% in the past 24 hours, and it was trading at 229, $06. Solana (SOL) was down 0.16% at $33.89, while Cardano (ADA) was down 0.32% at $0.4214.
Dogecoin was trading at 4:45 p.m. down 0.16% on Coinmarketcap.com. Its rival, Shiba Inu, was trading in the red at $0.00001024. Samoyedcoin was down 0.21% and trading at $0.008263, while Dogelon Mars was down 0.44% and trading at $0.000000297.
According to Coinmarketcap.com, the global crypto market capitalization was $885.76 billion, an increase of 0.50% in the last 24 hours, while the total crypto market volume was 76, $26 billion, registering an increase of 36.8%.