According to recent reports, the Indian government plans to adopt a legislative shortcut to pass the proposed crypto bill to regulate digital currencies. The bill named the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021” has been a matter of concern for crypto users in India. Reportedly, the bill could forbid ‘private cryptocurrencies’ and support the development of a ‘digital rupee.’
As per the news outlet CNBC-TV18, the Indian government may take the “ordinance route” to forbid the use of private cryptocurrencies in the nation. It will also support developing a regulatory framework for a digital rupee issued by the RBI. President Kovind is authorized to pass ordinances during parliamentary recesses, implying India could enact some crypto ban as early as March.
India’s ordinance route is similar to executive order in the U.S.
However, India’s ordinance route appears to be equivalent to an executive order in the United States. Both parties involve quick legislation that comes from the executive branch of the government. Additionally, when a bill goes by the ‘ordinance route,’ it is put into force by India’s president at the Union Cabinet’s recommendation. Nevertheless, ordinances can only be issued when the Indian Parliament is not in session.
The news has ignited a lot of spark in the crypto community. The announcement brought mixed reactions from famous names. Cashaa CEO Kumar Gaurav opined that he considered the legislation to stop illegal activities in the industry instead of directly banning crypto. Moreover, the Founder of the WazirX exchange, Nischal Shetty, has supported members of India’s crypto community on Twitter to communicate their MPs regarding the bill every day since it arrived. Furthermore, Nischal has been supporting and promoting the #IndiaWantsBitcoin campaign for 831 days.
India’s equation with cryptocurrencies has been going on and off. Since August, nevertheless, reports suggest that Parliament is considering a new law banning crypto trading in India. India’s central bank has also unveiled that it would be examining the possibility of a digital rupee.
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