Indian Supreme Court Dismisses Plea Seeking Crypto Trading Regulations
The Indian Supreme Court on Friday declined to entertain a petition seeking to establish guidelines on crypto regulations.
Cryptocurrencies, decentralized digital or virtual currencies operating independently of a central bank, have faced ongoing discussions regarding their regulatory framework.
India recently issued a joint communique agreeing to work on crypto regulations based on the IMF guidelines proposed during G20 summit.
A bench led by Chief Justice D. Y. Chandrachud, alongside Justices J B Pardiwala and Manoj Misra, rejected the petition, asserting that the primary reliefs sought were akin to legislative directions.
The bench noted that despite being filed under Article 32 of the Constitution, the petition appeared to serve the “real purpose” of seeking bail in ongoing legal proceedings against the petitioner.
Expressing their stance, the bench emphasized that the court cannot issue legislative directives under Article 32.
The order, issued on Friday, highlighted that the reliefs requested in the plea, filed by an individual from Uttar Pradesh, included a directive for the prosecution of cases related to digital assets and cryptocurrencies.
The court’s order concluded by granting the petitioner the liberty to pursue appropriate remedies through the legal system.
Article 32, which deals with the right to constitutional remedies, empowers citizens to approach the Supreme Court for the enforcement of their rights.
The decision reflects the court’s view that the requested reliefs were beyond the scope of Article 32, emphasizing the need for legislative action in framing guidelines for cryptocurrency trading and mining.
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