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Supreme Court rejects plea seeking cryptocurrency trading guidelines

  • Supreme Court rejects petition seeking guidelines for cryptocurrency trading
  • The bench, headed by Chief Justice D Y Chandrachud, deems the relief sought as legislative in nature
  • Petitioner advised to pursue remedies within the legal framework

11 Nov 2023

Supreme Court rejects plea seeking cryptocurrency trading guidelines

The Supreme Court has declined a petition urging the Centre to establish guidelines for the trading and mining of cryptocurrencies. Cryptocurrencies, digital or virtual currencies operating independently of central banks, have been a subject of regulatory discussion globally.

A bench headed by Chief Justice D Y Chandrachud stated that the relief sought in the plea was more akin to a legislative direction. The court emphasized that the petitioner could seek regular bail through the appropriate court for pending proceedings, adding that the main reliefs were beyond the scope of Article 32 of the Constitution. The plea, filed by an Uttar Pradesh-based individual, also sought a direction for the prosecution of cases involving digital assets and cryptocurrencies.

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