The Indian government is considering an abbreviated procedure for passing a digital asset industry regulation law.
The country's government is considering a bill that will ban the use of private digital currencies, as well as, create a regulatory framework for the “digital rupee”. The bill is planned to be adopted within a month.
According to CNBC-TV18 “The government wants this bill to be approved as soon as possible”.
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While the bill talks about "banning all private digital currencies" in India, it will allow "certain exemptions to promote and use the technology that underpins cryptocurrencies."
The Indian government has not taken a definite position on the regulation of the crypto industry after the Supreme Court of India overturned the Central Bank's ban on providing banking services to cryptocurrency companies. This year, the Central Bank said it would look into the need to launch the digital rupee. At the same time, the central bank noted that it is skeptical about cryptocurrencies and fears the risks associated with them.