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:
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.
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Source: Cryptocurrency - investing.com
