The Bombay High Court has ordered the Central Government to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, which it claims would be tabled during the Parliament’s winter session, which began on Monday.
In a public interest litigation (PIL) plea seeking directions to the Central government to develop legislation to oversee the usage and trading of cryptocurrency within the country, a bench of Chief Justice Dipankar Datta and Justice MS Karnik issued the judgement.
Aditya Kadam, the petitioner’s lawyer, emphasised the country’s uncontrolled cryptocurrency economy, which he claims infringes on investors’ rights because there is no legal avenue to address their complaints.
Kadam further claimed that on September 30, 2021, he made a representation to the government, drawing the attention of various responses to the underlying problem of the cryptocurrency market. However, he has received no answer to his representation to date.
The Union of India’s special counsel, Advocate DP Singh, informed the Bench that the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, will be discussed and debated by Parliament during its winter session.
The bill intends to build a framework that will make it easier for the Reserve Bank of India to launch an official digital currency. The Bill also aims to outlaw all private cryptocurrencies in India, but it makes some exclusions in order to encourage cryptocurrency’s underlying technology and applications.