The Indian regime may all the same exist considering a beak that could ban sure cryptocurrencies in the country, but lawmakers are unlikely to vote on any legislation in the current parliamentary session.

Co-ordinate to a Friday publication, India's lower firm of parliament, Lok Sabha, will likely not be looking at a bill proposing the prohibition of "all private cryptocurrencies" earlier its winter session ends on Th. The Cryptocurrency and Regulation of Official Digital Currency Bill does not appear as i of the seven bills on the government body's agenda over the last days of its 2022 session.

A Nov. 23 bulletin for the Lok Sabha stated that Indian lawmakers could vote on legislation that creates "a facilitative framework for creation of the official digital currency" issued by the country'due south cardinal depository financial institution, the Reserve Bank of India. In addition, the pecker proposed banning certain cryptocurrencies. The same nib has previously appeared on the parliament'south agenda but has not led to a vote addressing the regulatory framework or legal status of digital assets.

In March 2022, India'due south supreme court overturned a coating ban on crypto imposed by the Reserve Depository financial institution of India that had gone into effect two years prior. Since that time, reports from many local media outlets as well equally statements from officials suggest that the government is considering different solutions to regulate or possibly ban digital assets.

Related: Proposed crypto ban legislation reportedly under review by Bharat's government

Even if India'south parliament fails to tackle the crypto legislation, the President of India, Ram Nath Kovind, may be able to effect an ordinance to fast-track the bill when the Lok Sabha is not in session, likely between December and January. Officials from India'southward Finance Ministry are too reportedly considering a legal framework that could treat cryptocurrencies closer to commodities than currencies.

With a population of roughly 1.iv billion, Republic of india choosing to establish a concrete legal framework for a cardinal bank digital currency and ban many token projects would likely make pregnant ripples throughout the infinite. Following the bill's introduction to the parliamentary agenda in Nov, crypto exchange WazirX saw mass selloffs resulting in significant price drops for Bitcoin (BTC), Ether (ETH), and other tokens.