SC declines to consider plea seeking regulatory framework for cryptocurrency

The Supreme Court on Wednesday declined to consider a petition calling for a regulatory framework for cryptocurrency in India, stating that such guidelines were the jurisdiction of policy-makers, PTI reported.

The bench of Justices BR Gavai and Augustine George Masih directed the petitioners to approach the Union government.

“It is in the domain of policy-makers,” Gavai was quoted as saying by the news agency. “How can we issue any such direction? We can’t lay down the law”.

“The prayers made in the petition are within the domain of the legislature and the executive,” the court added.

The petitioners’ had argued that numerous complaints related to cryptocurrencies had been filed across the country and sought directions to the Centre and relevant authorities to establish a regulatory framework, citing the absence of any existing law governing the domain.

The petitioners’ counsel also highlighted that despite approaching several police departments, the lack of a clear policy had left them without proper recourse.

In January 2024, the Centre informed the Supreme Court that it had not yet decided on establishing a system to regulate cryptocurrencies or to efficiently investigate associated crimes.
...

Read more