Indian parliament fast-tracks bill to ban bitcoin and other cryptocurrencies

Barely a week after proposing a bill to restrict cryptocurrency transactions in the country, the Indian government is looking to fast-track the process to regulate digital currencies in the country.

Government officials may take the “ordinance route” according to news outlet CNBC-TV18. Walking this road would require the President of India to issue an ordinance when Parliament is not in session. The law will however carry the same effect as an Act of Parliament.

As earlier reported by BTC PEERS, whilst the Indian government is seeking to ban the use of all private cryptocurrencies, officials are hoping that the Reserve Bank of India would roll-out a central bank-backed digital rupee.

According to the news source, officials are already preparing a draft of the ordinance with the aim of passing the bill within the next month. And unlike acts of Parliament, an ordinance allows the government to immediately enforce the legislation.

CNBC-TV18’s reporter Timsy Jaipuria said:

[The government wants] this bill to be cleared as soon as possible. We’ll have to wait and see how soon government works and gets this ordinance cleared.

Although the Cryptocurrency and Regulation of Official Digital Currency Bill says it will “prohibit all private currencies” in the country, there will be “certain exceptions to promote the underlying technology of cryptocurrency and its uses.” Some believe that the move is an attempt to prevent the use of digital assets for illicit activities.

A few days ago, the Central Bank of Nigeria asked all financial institutions in the country to close the account of entities and individuals linked to cryptocurrency transactions.