#IndianSupremeCourt #CryptocurrencyRegulations #LegislativeDemands #PublicInterestLitigation #CryptoFraud #LegalRemedies #CryptoTrading #CryptoLegislation
The Indian Supreme Court recently declined to entertain a Public Interest Litigation (PIL) aimed at establishing regulations and guidelines for cryptocurrency trading in India. The bench, headed by the Chief Justice of India (CJI), stated that the petitioner’s demands are more legislative in nature. The court dismissed the plea, noting that despite the PIL requesting regulations, the underlying objective was to secure bail for the petitioner who is currently held in custody for a cryptocurrency-related case.
The petitioner, Manu Prashant Wig, is accused of enticing individuals to invest in cryptocurrency with promises of high returns through his role as a director at Blue Fox Motion Picture Limited. Victims of the fraud reported the matter to the Economic Offence Wing (EOW) in Delhi, resulting in the filing of a case against Wig. Seeking relief from judicial custody, Wig filed a PIL requesting regulations and a framework for crypto trading. However, the Supreme Court rejected the plea, advising Wig to approach a different court for bail. The court emphasized its inability to issue directives under Article 32 of the Indian Constitution and highlighted that the demands for crypto trading regulations fall within the legislative domain.
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