Public Interest Litigation
A PIL (Public Interest Litigation) petition has been filed before the Indian Supreme Court, seeking it to issue directions to regulate the flow of Bitcoin and ensure that it is made accountable to the exchequer. The petitioner, Dwaipayan Bhowmick, said:
It is submitted that certain countries have made Bitcoin subject to their respective tax regimes, while a few other countries have designated it as a commodity, thereby making Bitcoin subject to government regulation and accountable to exchequer but no such mechanism exists in India till date.
The petitioner also argued that regulatory organizations like the Reserve Bank of India(RBI) and Securities and Exchange Board of India (SEBI) were trying to shirk their responsibility with respect to regulating Bitcoin…