SC Rejects Petition Seeking Guidelines for Regulation of Cryptocurrency Trading

A bench headed by Chief Justice D Y Chandrachud said the main reliefs sought in the plea were more in nature of a legislative direction.

By Press Trust of India | Updated: 13 November 2023 13:08 IST

SC Rejects Petition Seeking Guidelines for Regulation of Cryptocurrency Trading

Photo Credit: Reuters

The Supreme Court bench was headed by Chief Justice D Y Chandrachud

Highlights

Cryptocurrencies are blockchain-based digital or virtual currencies
The bench also comprised Justices J B Pardiwala and Manoj Misra
India is yet to frame comprehensive guidelines for crypto

The Supreme Court has refused to entertain a petition seeking a direction to the Centre and others to frame guidelines for regulation of trading and mining of cryptocurrencies.

Cryptocurrencies are blockchain-based digital or virtual currencies which operate independently of a central bank.

A bench headed by Chief Justice D Y Chandrachud said the main reliefs sought in the plea were more in nature of a legislative direction.

BTC Price Exceeds $37,000 Propelling Most Altcoins to See Profits

The bench, also comprising Justices J B Pardiwala and Manoj Misra, observed that though the petition was under Article 32 of the Constitution, it was evident that the "real purpose is to seek bail in proceedings which are pending against the petitioner." "We are unable to subscribe to this course of action. The petitioner would be at liberty to move the appropriate court for the grant of regular bail. Insofar as the main reliefs are concerned, they are more in a nature of a legislative direction which the court cannot issue under Article 32 of the Constitution," the bench said in its order passed on Friday.

Article 32 deals with right to constitutional remedies and 32 (1) grants a citizen the right to move the apex court for enforcement of rights.

The bench noted that reliefs sought in the plea filed by the Uttar Pradesh-based man also included a direction for prosecution of cases involving digital assets/cryptocurrencies.

India’s 1 Percent TDS on Crypto Transactions Needs Major Reduction: Study

"We accordingly dispose of the petition granting liberty to the petitioner to pursue his remedies in accordance with law," it said.

Will crypto tax hurt the industry in India? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.