Supreme Court on Crypto: Regulation Petition Denied

Cryptocurrency in India, Supreme Court: Petition seeking regulatory framework for cryptocurrency rejected, court gave this argument.

The petition seeking direction to create a regulator related to cryptocurrency came up for hearing before a bench of Justice BR Gavai and Justice Augustine George Masih. The lawyer appearing for the petitioners claimed that many complaints related to cryptocurrency have been filed across the country. Let us know what the court commented in this matter.

The Supreme Court on Wednesday refused to consider a petition seeking a regulatory framework on cryptocurrency. The court has said that it cannot make a law in this regard. Cryptocurrency is a digital or virtual currency that is made secure using cryptography. This makes it almost impossible to counterfeit or spend again. Cryptocurrencies exist on decentralized networks using blockchain technology. It is operated and distributed on a disparate network of computers.

Supreme Court on Crypto: Regulation Petition Denied

The lawyer said that the petitioners are seeking directions to the Center and others for a regulatory framework on this issue, as there is no law to regulate it. "It is within the domain of policy makers. How can we issue any such direction? We cannot make laws," Justice Gavai asked. The bench said the petitioners can place their case before the Government of India on the issue.

The counsel argued that several petitioners approached various police authorities but no regulatory policy exists on the issue. "The prayers made in the petition are within the domain of the legislature and the executive. Therefore, we are not inclined to entertain the petition," the bench said.

The bench said if the petitioners wish, they can make their representations for consideration before the appropriate authority. In January last year, the Centre had told the apex court that no decision has yet been taken on the mechanism to regulate cryptocurrencies and effectively investigate related offences. The apex court made this remark while hearing the bail plea of ​​an accused in a case related to alleged cryptocurrency fraud in various states.