India Supreme Court Rejects Crypto Petition
14 Nov, 2023 ● Kripto novosti
The Indian Supreme Court has refused to consider a Public Interest Litigation (PIL) aimed at establishing regulations and a framework of guidelines for cryptocurrency trading in India.
According to a report, after hearing the petition, the bench led by the Chief Justice of India (CJI) stated that the petitioner's demands are more legislative in nature.
Given the nature of the petition, the bench, which included Justices JD Pardiwala and Manoj Misra, dismissed it.
The Supreme Court noted that, while the petitioner filed a PIL seeking regulations and guidelines for cryptocurrency and its trading, the underlying goal is to be granted bail.
Notably, the petitioner, Manu Prashant Wig, is currently being held in custody by the Delhi Police in connection in connection to a cryptocurrency case.
The Delhi Police's Economic Offence Wing (EOW) filed a case against Wig in 2020, accusing him of luring people into investing in cryptocurrency with promises of higher returns.
According to the report, Wig was one of the directors at Blue Fox Motion Picture Limited, attracting investors. Victims then reported the fraud to the Economic Offence Wing (EOW) in Delhi.
A total of 133 investors or victims who had invested their money filed a lawsuit alleging that Wig defrauded them.
Manu Prashant, a petitioner seeking relief from judicial custody, filed a PIL demanding regulations and a framework for crypto trading in India.
Despite rejecting the PIL, the Supreme Court allowed the petitioner, who is currently imprisoned, to pursue legal remedies and approach other relevant authorities.
During the hearing, the bench led by CJI Chandrachud advised the petitioner to seek bail from a different court.
The court expressed reservations about the request for crypto trading regulations, noting that such requests are within the legislative domain.
The court also emphasized its inability to issue directives under Indian Constitution Article 32.
Due to the lack of standardized rules, guidelines, or specific frameworks for dealing with cryptocurrencies, the status of crypto trading in India remains debatable
According to reports, India is developing a cryptocurrency regulatory framework based on recommendations from the International Monetary Fund (IMF) and the Financial Stability Board (FSB).
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