The Supreme Court has dismissed a plea for cryptocurrency regulations, asserting that such matters are for policymakers. The bench encouraged petitioners to approach the Government of India with their concerns. The Centre previously indicated that a decision regarding cryptocurrency regulation remains pending, as highlighted during a hearing related to a separate fraud case.
The Supreme Court, comprising Justices BR Gavai and Augustine George Masih, has rejected a plea seeking regulation of cryptocurrencies, stating that such matters fall under the policy domain. Justice Gavai expressed that the Court is unable to make regulatory decisions, and suggested that the petitioners should direct their concerns to the Government of India for review.
The petitioners argued that they had approached various police authorities but faced a lack of regulatory guidance on cryptocurrency issues. The bench clarified that the requests made in the petition are legislative and executive matters, thus concluding they are not in a position to address the plea.
If the petitioners wish, they are encouraged to present their concerns to appropriate governmental authorities. Previously, the Centre informed the Supreme Court that a regulatory framework for cryptocurrencies had not yet been established. This hearing occurred in the context of a separate bail plea related to cryptocurrency fraud across multiple states.
