It is reported that the Indian government is trying to pass the cryptocurrency bill quickly. “The government has a firm view that they want to pass the law within one month of the decree’s approval,” a local news source said. said.

 

 

Will India ban cryptocurrencies?

All eyes are on what the Indian government will do with the cryptocurrency law listed for promotion at the current session of parliament. The bill aims to ban cryptocurrencies while establishing a framework for the official digital currency to be issued by the Central Bank of India (RBI).

On Friday, CNBC-TV18 reported, “The government can use the decision-making way to pass the Cryptocurrency and Official Digital Currency Regulation,” citing anonymous sources. The news source said in detail:

The PMO, the Ministry of Finance and the Cabinet Secretariat have begun drafting the draft details of the decree. The government thinks they want to pass the law within a month of the decree’s approval.

Reporter Timsy Jaipuria said the following on the subject:

“They want this bill to be passed as soon as possible. It was understood that the cabinet clarified this special proposal that this bill could be submitted through a decree at its last meeting on February 3. ”

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How are they passing the law so quickly?

The regulations are announced by the President of India on the recommendation of the Union Cabinet. They have the same effect as a Act of Parliament. Decrees can only be enacted when Parliament is not in session, allowing the government to take immediate legislative action. The current Budget session started on January 29th and will end on April 8th. It is carried out in two stages; The first phase will end on February 13 and the second phase will start on March 8.

The cryptocurrency bill might resemble the law drafted by an inter-ministerial committee (IMC) headed by former Finance Minister Subhash Chandra Garg, who is now resigning from the government. Recently, Finance Minister Anurag Thakur answered some crypto questions in Rajya Sabha, the upper house of the Indian parliament, clarifying the government’s stance on cryptocurrency and digital rupees.

There are still many unanswered questions about the bill the government is planning to submit, and many await public disclosure of the bill. Meanwhile, the Indian crypto industry has launched a campaign to convince the government not to ban cryptocurrencies.

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