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India May Side-Step Parliament to Push Through Crypto Bill: Report
The bill would potentially kick off the development of a digital rupee while banning “private cryptocurrencies.”
Updated Sep 14, 2021, 12:08 p.m. Published Feb 8, 2021, 10:36 a.m.
The Indian government is reportedly planning to fast-track its proposed cryptocurrency bill using the ordinance process.
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Similar to an executive order in the U.S., an ordinance law is put into effect by India's president on the recommendation of the cabinet, and would be equivalent to an act of parliament. The route is only supposed to be taken when parliament is not in session.
The government is keen to pass the "Cryptocurrency and Regulation of Official Digital Currency Bill 2021" within a month of clearance of the ordinance, according to a CNBC-TV18 report on Friday. The Indian Prime Minister's Office and Finance Ministry, and Cabinet secretariat have started preparing the draft details of the ordinance, it said.
The arrival of the bill would potentially kick off the development of a digital rupee while banning “private cryptocurrencies,” per previous reports
Read more: Indian Exchanges Launch Campaign Seeking to Avert Potential Crypto Ban
What the bill would mean for cryptocurrencies like bitcoin and ether isn’t clear, but the cryptocurrency industry has expressed concerns it could represent an outright ban.
That would pose a major threat to the nation's crypto industry, which has seen quick growth seen since a central bank ban on banking for cryptocurrency firms was overturned in March of last year.
Local cryptocurrency exchanges recently started a joint initiative, the #IndiaWantsBitcoin campaign, to convince parliament to regulate cryptocurrencies rather than impose an outright ban.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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CFTC Launches Digital Assets Pilot Allowing Bitcoin, Ether and USDC as Collateral
Acting Chair Caroline Pham has unveiled a first-of-its-kind U.S. program to permit tokenized collateral in derivatives markets, citing "clear guardrails" for firms.
What to know:
- The CFTC has launched a pilot program allowing BTC, ETH and USDC to be used as collateral in U.S. derivatives markets.
- The program is aimed at approved futures commission merchants and includes strict custody, reporting and oversight requirements.
- The agency also issued updated guidance for tokenized assets and withdrew outdated restrictions following the GENIUS Act.
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