The Indian government is reportedly considering taking the “path of regulation” to quickly pass the cryptocurrency bill. “The government firmly believes that it will introduce the law within a month of the regulation being approved,” said a local news agency.
Indian government is making efforts to pass Crypto Bill quickly
All eyes are on what the Indian government will do with the cryptocurrency bill that is due to be introduced in the current session of parliament. The law aims to ban cryptocurrencies while creating a framework for the official digital currency issued by the central bank, the Reserve Bank of India (RBI).
On Friday, CNBC-TV18 reported that “the government could take the path of regulation to pass cryptocurrency and regulate the official digital currency law,” citing unnamed sources. The news agency explained:
The PMO, the Treasury Department and the Cabinet Secretariat have started working on the draft details of the regulation. The government firmly believes that it will introduce the law within one month of the regulation being approved.
“They want this bill cleared as soon as possible,” noted reporter Timsy Jaipuria. She added that “Cabinet has given its approval to this particular proposal that this bill can be introduced by ordinance at its final session on February 3rd”.
Regulations are issued by the President of India on the recommendation of the Union Cabinet. They have the same effect as a law of parliament. Ordinances can only be passed when parliament is not in session so that the government can take legislative action immediately. The current budget meeting started on January 29th and ends on April 8th. It takes place in two phases. The first phase ends on February 13th and the second on March 8th.
The cryptocurrency bill could be similar to the one drafted by an inter-ministerial committee (IMC) led by former finance secretary Subhash Chandra Garg, who has since left the government. Recently the Minister of State for Finance, Anurag Thakur, answered some crypto questions in Rajya Sabha, the upper house of the Indian Parliament, to clarify the government’s stance on cryptocurrency and the digital rupee.
There are still many unanswered questions about the bill the government is about to introduce, and many are just waiting for the bill to be published. In the meantime, the Indian crypto industry has launched a campaign to convince the government not to impose a ban on cryptocurrencies.
Do you think India will adopt crypto law soon? Let us know in the comments below.
Photo credit: Shutterstock, Pixabay, Wiki Commons, CNBC TV18
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