The Indian government is reportedly fast-tracking the bill banning cryptocurrencies.

The Indian government may be taking a legislative shortcut to pass a bill recently proposed to regulate digital currencies in the country. According to a report from local news outlet CNBC-TV18, the Indian government may take the “ordinance route” to ban the use of private cryptocurrencies in the country as well as create a regulatory framework for a digital rupee issued by the Reserve Bank of India. Earlier, the Supreme Court of India had overturned the blanket ban on cryptocurrencies. 

 

Ordinances allow the Indian government to immediately take legislative action.

The passing of the proposed crypto bill’s measures using this method would require the President of India, Ram Nath Kovind, to issue an ordinance when parliament is not in session. According to the news outlet, the appropriate parties had already begun preparing a draft of the ordinance to introduce the crypto law “within a month” of it being issued. Unlike bills passed through acts of parliament, ordinances typically allow the Indian government to immediately take legislative action. Though the bill says it will “prohibit all private cryptocurrencies” in India, it also says it will allow for “certain exceptions to promote the underlying technology of cryptocurrency and its uses.”

 

Indian crypto community comes together to campaign against the proposed bill. 

Indian crypto exchanges have pooled their resources together and launched a campaign to gain support from parliament members as possible about the upcoming anti-cryptocurrency regulation. The anti-crypto bill is listed to soon be introduced in the parliament. It seeks to prohibit cryptocurrencies while creating a digital rupee framework to be issued by the Reserve Bank of India (RBI). The Indian government plans to introduce the cryptocurrency bill entitled “The Cryptocurrency and Regulation of Official Digital Currency Bill 2021” during parliament’s current session.   

ADVERTISEMENT
Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave a reply

Please enter your comment!
Please enter your name here