The Indian government is working on a law aimed at regulating cryptocurrencies in the country, CNBC-TV18 reports.
According to the news outlet, the law, which could be passed via ordinance route, aims to ban the use of private cryptos in the country as well as create a regulatory framework for a digital rupee issued by the Reserve Bank of India, the country's central bank.
This ordinance route approval method requires the president of India, Ram Nath Kovind, to issue an ordinance when the Parliament is not sitting.
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The bill, whose draft is already being prepared by lawmakers, could be passed "within a month" because the approval mechanism chosen by the government allows the authorities to take immediate legislative action.
It should be noted the law in question, the Cryptocurrency and Regulation of Official Digital Currency Bill, is currently being discussed by the upper house of India's Parliament as part of its budget session, which will run until April 8, but will have a recess between February 16 and March 7.
The current regulatory framework allows the president to pass ordinances during parliamentary recesses, which is the reason why the ban on cryptos could come into force in March.