Bombay HC seeks update on proposed Cryptocurrency Bill from Centre

Anushka Sharma –

Published On: November 30, 2021 at 13:05 IST

On Monday, the Bombay High Court ordered the Union government to provide an update on proposed Cryptocurrency Legislation that is likely to be introduced during Parliament’s current winter session.

The High Court was hearing a Public Interest Litigation (PIL) in which the Plaintiffs were requesting that the Government establish adequate legislation to combat the growing threat of cryptocurrency and trading platform malpractices.

Advocate Aditya Kadam filed the Petition, claiming that Aggrieved people lack a redressal mechanism in the absence of proper legislation and statutory authority.

Investors encounter difficulties because their rights are being Infringed and their assets are being jeopardized because the Bitcoin industry in India is uncontrolled, according to Kadam.

The High Court Bench of Chief Justice Dipankar Datta and Justice M S Karnik then requested an update from the Centre on the proposed legislation and scheduled a hearing for January.

One of the 26 bills scheduled to be introduced in Parliament during the winter session, which began on Monday, is a bill to ‘Prohibit all private cryptocurrencies in India.’

Kadam stated that the Centre had previously made a statement on the subject in 2018, but that no action was taken after that. The Court stated that it will revisit the matter at a later date.

Cryptocurrencies, a group of decentralized digital currencies such as Bitcoin and Ethereum that are not regulated by any National banking agency, are currently unregulated in India.

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