Indian government to hasten crypto bill

The Indian government may seek to expedite a draft legislation that would allow crypto and blockchain operations in the country to receive greater legitimacy through an officially recognized framework.

Instead of going down a long legislative road, the Indian Parliament may now use an ordinance process that will allow it to pass the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 into law and grant the sector legitimacy in the country.

Based on reports cited by CNBC-TV18, the Indian Prime Minister's Office and Finance Ministry has already started preparing for the process. The legislation is designed to spearhead two significant changes in the Indian financial system.

First, India wants to establish a central bank digital currency, or the e-rupee, and second, the country seeks to ban private currencies, such as Monero, rather than going after the entire sector as previously feared.

While doubt still abounds about what the bill could mean for currencies such as Ethereum and Bitcoin, most industry observers are confident that the bill would only focus on regulating the sector rather than dismantling it.

Speculation about potential disruptive effects is still swirling, but none of this is expected to come to fruition. The goal of the latest draft is to stamp out crypto scams rather than stifle innovation, insiders have said previously.

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Written by Barney


Barney is co-founder of When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

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