Bombay high court asks Centre for update on proposed cryptocurrency bill

The Bombay high court on Monday directed the Union government to update it on the proposed cryptocurrency legislation expected to be tabled during Parliament’s ongoing winter session.

The high court was hearing a public interest litigation (PIL) seeking directions for the government to enact appropriate laws to address the growing threat of cryptocurrencies and malpractices at trading platforms. The petition, filed by advocate Aditya Kadam, stated that in the absence of appropriate legislation and statutory authority, aggrieved persons do not have a redressal mechanism.

Investors face problems as their rights were being violated and their investments were at risk as the cryptocurrency business in India is unregulated, Kadam said.