Cryptocurrency, the global sensation had a rough start in India, with the Reserve Bank of India (RBI) banning any kind of transactions related to cryptocurrency. The Supreme Court however removed the ban in March last year.
The incumbent government is poised to sidestep the parliament decision and bring about an ordinance to pass the cryptocurrency bill.
CNBC TV 18 earlier reported that the government of India is keen on passing the “Cryptocurrency and Regulation of Official Digital Currency Bill 2021”, with all the necessary government bodies working in unison to pass the bill.
The new bill is expected to bolster the Digital India initiative and thereby increasing the inflow of digital currency into the Indian system.
The overturn of the initial ban has considerably improved the crypto situation in India with many online media campaigning for cryptocurrency – #IndiawantsBitcoin
The effect of the bill on the nation’s crypto industry is still under speculation.