The Indian government can accelerate the adoption and consideration of the bill, which provides for strict regulation of cryptocurrencies in the country through a special presidential decree.
According to CNBC-TV18, the Indian government may take the “ruling path” and prohibit the use of “private” cryptocurrencies in the country, as well as create a regulatory framework for the digital rupee, a government cryptocurrency developed by the Reserve Bank of India (RBI). Taking action under the proposed bill using this method would require Indian President Ram Nath Kovind to issue a decree.
The preparation of a draft resolution has already begun with the aim of the entry into force of the law on cryptocurrencies “within a month” after its release. Unlike bills approved by parliament, the ordinances allow the Indian government to take immediate legislative action. As CNBC-TV18 reporter Timsy Jaipuria noted, “The government wants this bill to be approved as soon as possible.”
At the end of January, it was revealed that the 2021 Cryptocurrency and Official Digital Currency Regulation Bill under consideration by legislators bans the use of cryptocurrencies in India and provides the basis for the creation of an official digital currency to be issued by RBI. Now the bill is being considered in the upper house of the Indian Parliament as part of its budget session, which will last until April 8, with a break from February 16 to March 7.
The president is empowered to issue decrees during parliamentary hiatuses, which means India could ban cryptocurrencies as early as March. While the bill talks about banning all “private” cryptocurrencies, it also introduces “certain exceptions to promote the underlying cryptocurrency technology and its use.” Last week, the Indian government said it was leaning towards regulating cryptocurrencies rather than banning them altogether.
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