The Indian regime will exist considering a bill that would create a digital rupee starting every bit early as adjacent week, just may also ban certain cryptocurrencies in the country.

According to a Tuesday publication, India's lower firm of parliament, Lok Sabha, will consider The Cryptocurrency and Regulation of Official Digital Currency Neb as 1 of 26 new bills when the government body convenes for its wintertime session next Mon. The document states that lawmakers could vote on legislation that creates "a facilitative framework for cosmos of the official digital currency" issued by the land's central bank, the Reserve Bank of India. In addition, the bill proposes the prohibition of "all individual cryptocurrencies" with the exception of assets "to promote the underlying engineering of cryptocurrency and its uses."

The same nib has previously appeared on the Indian parliament'southward agenda only has not led to a government vote on legislation that addresses digital assets. In March 2022, India's supreme court overturned a blanket ban on crypto imposed by the central bank 2 years ago. Since that time, reports from many media outlets as well equally statements from officials propose that the Indian government is because different solutions to regulate digital assets.

Related: Proposed crypto ban legislation reportedly under review by India'south authorities

With a population of roughly one.4 billion, India choosing to establish a concrete legal framework for a cardinal bank digital currency and ban many token projects would likely brand significant ripples throughout the space. Cashaa CEO Kumar Gaurav told Cointelegraph in Jan the legislation was likely more than of an attempt to forestall illicit activities in the industry rather than outright ban crypto.

Should the proposed bill come up to fruition, Bharat's lawmakers would still have to accost how to handle the digital asset projects legally allowed to operate in the country likewise as the digital rupee. A September report from ET At present suggests the country's tax department could revenue enhancement crypto earnings through trade and exchanges. In add-on, officials from India's Finance Ministry building are reportedly considering a legal framework that could treat cryptocurrencies closer to commodities than currencies.