SC Refuses To Entertain Plea To Frame Guidelines For Regulation Of Trading Of Cryptocurrencies
NEW DELHI, Nov 11: The Supreme Court has refused to hear a petition asking the Centre and others to develop guidelines for regulating cryptocurrency trading and mining. Cryptocurrencies are digital or virtual currencies based on blockchain technology that operate independently of a central bank. The main reliefs sought in the petition, according to a bench led by Chief Justice D Y Chandrachud, were more in the nature of a legislative direction. The bench, which also included Justices J B Pardiwala and Manoj Misra, noted that while the petition was filed under Article 32 of the Constitution, it was clear that the "real purpose is to seek bail in proceedings which are pending against the petitioner.""We cannot agree with this course of action." The petitioner would be free to petition the appropriate court for regular bail. "In terms of the main reliefs, they are more in the nature of a legislative direction, which the court cannot issue under Article 32 of the Constitution," the bench said in its Friday order. Article 32 addresses the right to constitutional remedies, and 32 (1) grants citizens the right to petition the Supreme Court for the enforcement of their rights. The bench noted that among the reliefs sought in the plea filed by the man from Uttar Pradesh was a direction to prosecute cases involving digital assets/cryptocurrencies."We accordingly dispose of the petition granting liberty to the petitioner to pursue his remedies in accordance with law," according to the statement. [caption id="attachment_5411" align="alignnone" width="300"] SC Refuses To Entertain Plea To Frame Guidelines For Regulation Of Trading Of Cryptocurrencies[/caption]
