The Indian Supreme Court has rejected a plea seeking regulations and guidelines for cryptocurrency trading in the country, as reported by The Hindu.
The Chief Justice of India, along with other judges, rejected the Public Interest Litigation (PIL), stating that the petitioner’s demands were more suitable for legislative consideration.
The petitioner, Manu Prashant Wig, is in custody in connection with a cryptocurrency case filed by the Delhi Police’s Economic Offence Wing (EOW) in 2020. Wig is accused of enticing people to invest in crypto with false promises.
The court advised Wig to seek bail from a different court and expressed reservations about the PIL’s focus on cryptocurrency trading regulations, emphasizing that such matters fall within the legislative domain.
Crypto trading in India is not well defined since there are no uniform legal provisions for it. However, the country has proposed a regulatory framework that is under consultation with the IMF and FSB, with an expected finalization within the next five to six months.