Thursday, May 19, 2022

BACC Hires CoinSwith Kuber And CoinDCX’s CEO As Co-Chairs

The Blockchain and Crypto Assets Council (BACC), the arm body of the Internet and Mobile Association of India (IAMAI), recently appointed Ashish Singhal, the CEO of CoinSwitch Kuber, and Sumit Gupta, the co-founder of CoinDCX, as the co-chairs of the company.

Initially, the aim of Singhal and Gupta would be to drive the adoption and growth of the crypto industry in India. Also, they would be responsible for creating a safe environment for all the crypto investors in the country. 

As per the report, this year the adoption of cryptocurrency in India has surged with more than 15 million Indians holding cryptos.

While talking about his appointment as co-chairs of BACC, Singhal said, “As cryptocurrencies are getting further mainstreamed in India, the industry is working closely with regulators and policymakers to build a prosperous and secure crypto environment to put India on the global crypto map. We believe that a progressive regulatory framework will foster innovation in financial offerings and bring financial well-being to every Indian.”

Gupta also shared his views and informed that presently, India is in the second position, in terms of crypto holders around the world. 

He further stated that as people start to understand the potential of cryptocurrency, their interest and confidence in the new-age asset class will increase with time. Now, it is the responsibility of the government and the crypto-players to create an inclusive ecosystem.  

The CEO of CoinDCX explained what he believed should be done for creating a better and safe industry for the consumers. He explained, “The first step in this direction is to build trust around the product by removing misconceptions and providing user-focused education. Second, increase the availability of cryptocurrency transactions through a transparent, safe, and secure platform. And most importantly, the government should take up the steps and form crypto regulations in India to protect the best interests of crypto investors.”

When BACC was formed, the aim was to increase awareness about the crypto industry and offer proper guidance to individuals. Notably, all the major crypto trading platforms of India are part of this industry body.

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