SC Dismisses Petition Seeking Regulations For Crypto Trading In India

In a recent development in the cryptocurrency space, the Supreme Court (SC) refused to entertain a Public Interest Litigation (PIL) filed to seek regulations and a framework of guidelines for cryptocurrency trading in India.

Hearing the plea, the SC bench led by the Chief Justice of India (CJI) said, the reliefs sought by the petitioner are more in a legislative manner. Considering the nature of the petition, the bench comprising Justice JD Pardiwala and Manoj Misra disposed of the plea.

SC Says It’s a Bail Application in the form of PIL

According to a report, the Supreme Court mentioned that although the petitioner filed a PIL, seeking regulations and a framework of cryptocurrency and its trading, the ultimate goal is to secure bail.

Notably, the petitioner,  Manu Prashant Wig, is currently lodged with the Delhi Police, in a cryptocurrency case.  He is accused in a case filed by the Economic Offence Wing (EOW) of the Delhi Police in 2020, alleging Wig of luring people and convincing them to invest in crypto, assuring better returns.

Meanwhile, Wig held a position as one of the directors of Blue Fox Motion Picture Limited, and involved people to invest, and the victims later reported the same to the EOW, Delhi. The 133 investors or victims, who invested their money reported that they were defrauded by Wig, and registered a case.

With the PIL demand for regulations and framework for crypto trading in India, the petitioner Manu Prashant is seeking relief from judicial custody.

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Top Court Grants Liberty to Seek Other Legal Remedies

Although the Top Cour rejected the PIL, the bench granted petitioner Manu, who is in jail to take legal remedies and approach other concerned authorities.

In the court hearing, CJI Chandrachud-led bench suggested the petitioner, to move a different court, and seek bail.  In addition, concerned about the demand for regulations for crypto trading, the court said the crypto framework guidelines demands are bent towards the direction of legislative works, and under Article 32 of the Indian Constitution, they can’t issue any directives.

Meanwhile, the position of crypto trading in India is a debatable topic, as there are no standard rules, guidelines, or specific frameworks to deal with cryptocurrencies.  Crypto trading is legal in India, but there are no additional guidelines to settle any disputes or issues among traders. Due to this instability in the functioning, crypto trading is a matter of risk in the nation.

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