The Blockchain and Cryptocurrency Committee of India (BACC), the country’s self regulator that works with stakeholders in the government and industry bodies, has appointed Ajeet Khurana as CEO of the business incubator at IIT Bombay, advisor to Kalaari Capital and ii5 Ventures among others.

This is exciting news for blockchain enthusiasts in India as Mr. Khurana has been a familiar face in the national startup scene since 1993.

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This news is quite important, considering the unclear stance over cryptocurrency in India, and the recent knee-jerk actions by banks in terms of closing the bank accounts of some cryptocurrency exchanges. The nation’s industry participants expressed their disappointment as they were hoping for some form of a legislation to regulate the activities of local exchanges.

Mr. Khurana has a long and storied career spanning multiple industries. He had previously worked with various incubators, accelerators, startup events, entrepreneur clubs and social media platforms, besides National Entrepreneurship Network (NEN).

As an angel investor, Khurana invested in over a dozen startups across several areas like education, e-commerce, software, internet and internet-enabled services and mobile. His portfolio companies include Rolocule Games, United Mobile Apps, Karmic Lifesciences and Carve Niche Technologies Pvt. Ltd.

Commenting on his appointment, Ajeet Khurana said: “BACC propels digital financial innovation by promoting blockchain technology, digital assets, and cryptocurrency. We will use advocacy, outreach, best practices and standards, and customer education to drive robust and healthy growth of this sector. Given our strength in the information technology and financial services, I have no doubt that India can take a leadership position in transforming money and financial institutions.”

He added: “The recent knee-jerk actions by few banks in terms of closing bank accounts of some cryptocurrency exchanges has led to hardship to these citizens. It also created obstacles for exchanges in being able to carry out business. In the past, RBI has issued warnings and consumer education statements about cryptocurrencies. BACC welcomes RBI’s actions and regard them as measured and well-thought out. It is our understanding that RBI has not asked banks to close accounts of any cryptocurrency exchanges. We invite banks to follow in the footsteps of RBI, understand this emerging sector, recognize the harmful effects of their knee-jerk reactions, and only then decide their course of action.”