Bombay high court is considering a petition requesting that the government establish adequate legislation to combat the growing menace of uncontrolled cryptocurrency and trading platform malpractices.
On Monday, the Bombay high court ordered the Centre to provide an update on the proposed cryptocurrency law that is slated to be introduced during Parliament’s current winter session.
The order came while the Bombay court was considering public interest litigation requesting that the government establish adequate legislation to combat the growing threat of cryptocurrency and trading platform malpractices. Afflicted persons do not have a redressal procedure for their concerns, according to the plea, because there is no adequate legislation or statutory authority.
Investors suffer concerns, according to petitioner Aditya Kadam, because their rights are being infringed and their assets are at risk because the bitcoin market in India is unregulated.
A measure to “prohibit all private cryptocurrencies in India” is one of 26 bills scheduled to be introduced in Parliament this session.
Cryptocurrencies — a group of decentralized digital currencies such as Bitcoin and Ethereum that are not regulated by any national banking regulator – are currently unregulated in India.
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