Supreme Court Rejects PIL for Cryptocurrency Regulations
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. The SC bench led by the Chief Justice of India (CJI) mentioned that the reliefs sought by the petitioner are more in a legislative manner, and disposed of the plea.
SC Says It’s a Bail Application in the form of PIL
The Supreme Court stated that although the petitioner filed a PIL seeking regulations and a framework of cryptocurrency and its trading, the ultimate goal is to secure bail. The petitioner, Manu Prashant Wig, is currently lodged with the Delhi Police in a cryptocurrency case. He is accused of luring people to invest in crypto, assuring better returns. With the PIL demand for regulations and framework for crypto trading in India, the petitioner is seeking relief from judicial custody.
Top Court Grants Liberty to Seek Other Legal Remedies
Although the SC rejected the PIL, it granted petitioner Manu, who is in jail, to take legal remedies and approach other concerned authorities. The court suggested moving to a different court and seeking bail. Additionally, it highlighted that crypto framework guidelines demands are more suited towards legislative works. Crypto trading is legal in India but lacks specific frameworks to settle disputes among traders.
Hot Take: Lack of Regulatory Framework Poses Risks for Crypto Trading
The rejection of PIL seeking crypto regulations in India raises concerns about the absence of standard rules and guidelines for cryptocurrency trading. This instability exposes crypto trading to risks, making it a matter of concern for traders in India.
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