The Indian government is reportedly considering taking “the ordinance route” to quickly pass the cryptocurrency bill. “The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance,” a local news outlet detailed.
Indian Government Seeks to Quickly Pass Crypto Bill
All eyes are on what the government of India will do with the cryptocurrency bill that is listed to be introduced in the current session of parliament. The bill seeks to ban cryptocurrencies while creating a framework for the official digital currency to be issued by the central bank, the Reserve Bank of India (RBI).
On Friday, CNBC-TV18 reported that “The government may take the ordinance route to pass the Cryptocurrency and Regulation of Official Digital Currency Bill,” citing unnamed sources. The news outlet elaborated:
The PMO, Finance Ministry, and Cabinet Secretariat have started preparing the draft details of the ordinance. The government is of the firm view that they want to introduce the law within a month of clearance of the ordinance.
“They want this bill to be cleared as soon as possible,” reporter Timsy Jaipuria noted. She added that “the cabinet is understood to have given clearance to this particular proposal that this bill can be introduced via an ordinance route in its last meeting which was held on Feb. 3.”
Ordinances are promulgated by the president of India on the recommendation of the Union Cabinet. They have the same effect as an Act of Parliament. Ordinances can only be issued when Parliament is not in session, enabling the government to take immediate legislative action. The current Budget session began on Jan. 29 and will end on April 8. It is held in two phases; the
