PIL in High Court seeking regulation of cryptocurrency

MUMBAI: A Public Interest Litigation (PIL) has been filed in the Bombay High Court, seeking a direction to the Central Government to enforce regulation on cryptocurrencies in the country. The PIL filed by a Mumbai-based lawyer has claimed that there is an ‘imminent threat’ of an increase in the number of money laundering cases, illicit trade in drugs, terror financing by trading in cryptocurrencies, which have been ‘failed’ by the authorities . cut’.

Advocate Aditya Pratap Kadam, in his plea, sought intervention of the courts to frame appropriate laws and rules to protect the interests of citizens among other decisions. The Central Government, Ministry of Finance, Ministry of Law and Justice, Ministry of Parliamentary Affairs, Reserve Bank of India and Securities Exchange Board of India have been named as parties in the PIL.

Kadam said the petition has been filed to highlight the “inherent problems and unregulated, unregulated trade and malpractices” in cryptocurrency trading in India.
The petition, filed last month, is likely to come up for hearing later this week.