We missed this earlier: A public interest litigation (PIL) before the Bombay High Court argues that the unregulated crypto business infringes on the rights of the investors as there is no grievance redressal mechanism established under law, according to a copy of the document reviewed by MediaNama. The PIL was filed by lawyer Aditya Pradip Kadam who has been a crypto investor since 2018.
It alleges that the government and “its functionaries have failed to enact appropriate regulations to protect the interests of the citizens”.
“There is an imminent threat of rise in the number of Money Laundering Cases, Illicit trade of Drugs, Terror Financing by trade of crypto currency which the Respondents (Indian government) have failed to curtail,” reads the PIL.
It also adds that the exchequer of the country faced huge losses due to a lack of clarity on crypto taxation. The PIL was filed on October 25 and is yet to be listed for a hearing, according to the Times of India.
The Indian government has announced on multiple occasions that a bill to regulate the crypto space is on the verge of being tabled before Parliament. A favourable judgement by the Bombay High Court may expedite the process and impose increased scrutiny on the same.
Prayers of the PIL
The petitioner expects the High Court to direct the Union government to undertake the following steps:
- Draft legislation to govern the use and trading of cryptocurrency…