The Bombay High Court currently has a hearing for a PIL that has been filed to seek directions for the Centre to put in place certain laws and regulations to monitor the unregulated crypto market. This also includes a hearing to discuss the several malpractices that occur in the name of crypto trading.
On Monday, the High Court in Bombay instructed the Union to provide updates for the proposed legislation for cryptocurrencies, which is anticipated to come up during the Parliament’s winter session of 2021.
The petition was filed by an advocate – Aditya Kadam – and his primary contention was that unregulated cryptocurrencies are becoming a growing threat, and uninformed individuals may partake in the malpractices that occur on trading platforms. In such instances, aggrieved parties would not have any scope for redressal, as there is no valid statutory authority or legal recourse put in place yet.
He also contended that the investors who trade in crypto face the wrath of the unregulated industry and risky investments, which automatically makes them more susceptible to their rights being violated.
The court, upon listening to the petitioner’s statement, requested the Centre to provide updates to the proposed legislation, while marking 17th January, 2022 as the date of the next hearing for the matter.
As of now, the general public has only been informed that a bill is being brought to Parliament during its winter session, which seeks to prohibit private cryptocurrencies in India.
Investors will have to wait and see whether crypto will be backed by the law in India.