SC Dismisses Petition Seeking Regulations For Crypto Trading In India
Release: 2023/11/11 20:15 Reading: 596
In a recent development in the cryptocurrency space, the Supreme Court (SC) refused to entertain a Public Interest Litigation (PIL) filed to seek regulations and a framework of guidelines for cryptocurrency trading in India.
After considering the petitioner's plea, the Supreme Court bench, led by the Chief Justice of India (CJI), stated that the requested reliefs are better suited for legislative action. Recognizing the nature of the petition, Justices JD Pardiwala and Manoj Misra disposed of the plea.
SC Says It’s a Bail Application in the form of PIL
According to a report, the Supreme Court mentioned that although the petitioner filed a PIL, seeking regulations and a framework of cryptocurrency and its trading, the ultimate goal is to secure bail.
It is worth mentioning that the petitioner, Manu Prashant Wig, is currently in custody with the Delhi Police due to his involvement in a cryptocurrency case. He has been accused by the Economic Offence Wing (EOW) of the Delhi Police in 2020 for allegedly enticing individuals and persuading them to invest in cryptocurrencies, promising higher returns.
Meanwhile, Wig served as one of the directors of Blue Fox Motion Picture Limited, and encouraged individuals to invest. Subsequently, the victims reported this to the Economic Offences Wing (EOW) in Delhi. The 133 investors or victims, who had invested their money, alleged that they were deceived by Wig and filed a case.
Manu Prashant, the petitioner, is seeking relief from judicial custody due to the PIL demand for regulations and framework for crypto trading in India.
Also Read: Crypto Prices Today: BTC, FTT Drive Market Gains As Pepe Coin Declines
Top Court Grants Liberty to Seek Other Legal Remedies
Despite the rejection of the PIL by the Top Court, the bench allowed the petitioner, Manu, who is currently incarcerated, to pursue legal remedies and seek intervention from relevant authorities.
During the court hearing, a bench led by CJI Chandrachud advised the petitioner to approach a different court to seek bail. Moreover, the court expressed its concern about the need for regulations on cryptocurrency trading, stating that the guidelines for the crypto framework are inclined towards legislative action. The court clarified that, under Article 32 of the Indian Constitution, it is not authorized to issue any directives regarding this matter.
Meanwhile, the position of crypto trading in India is a debatable topic, as there are no standard rules, guidelines, or specific frameworks to deal with cryptocurrencies. Crypto trading is legal in India, but there are no additional guidelines to settle any disputes or issues among traders. Due to this instability in the functioning, crypto trading is a matter of risk in the nation.
Also Read: SOL Price At $55 Amid Institutional Inflows in GSOL, Should You Buy Solana Now?
The post SC Dismisses Petition Seeking Regulations For Crypto Trading In India appeared first on CoinGape.
Recent news
More>- Crazy Biden (CRAZBIDE) Solana Memecoin to Explode Over 19,000% Before Exchange Listing, While Shiba Inu and Dogecoin Lag 11-22
- Crazy Biden (CRAZBIDE) Memecoin Will Explode Over 19,000% Before Exchange Listings, While Shiba Inu and Dogecoin Lag 11-22
- 5 Memecoins Poised for Gains Under Trump’s Crypto-Friendly Agenda 11-22
- Must-Buy Altcoins for Massive Gains Ahead of Bitcoin’s $100K Surge! 11-22
- 3 altcoins under $1 set to explode like the Dogecoin and XRP price 11-22
- The 4 Top Cryptos for Long-Term Investment: How Polkadot, Dogecoin, XRP & BlockDAG Stack Up 11-22
- The 4 Top Cryptos for Long-Term Investment: How Polkadot, Dogecoin, XRP & BlockDAG Stack Up 11-22
- Donald Nukes Ukraine Solana Memecoin Will Skyrocket 15,000% Ahead of Exchange Listing, As Shiba Inu and Dogecoin Underperform 11-22
- Shiba Inu Coin Price Set To Surge, As Pepe And New Meme Coin Trend Globally 11-22
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com