The Indian Supreme Court has rejected a Public Interest Litigation (PIL) seeking the establishment of regulations and guidelines for cryptocurrency trading in the country. The bench, headed by Chief Justice of India (CJI) Chandrachud, deemed the petitioner’s requests to be more of a legislative nature. The petitioner, Manu Prashant Wig, is currently in custody in connection with a cryptocurrency case filed by the Delhi Police’s Economic Offence Wing in 2020.
The court emphasized that, despite the PIL’s focus on cryptocurrency regulations, the underlying goal appeared to be securing bail for the petitioner. Wig, accused of enticing individuals to invest in crypto with promises of high returns, held a directorial position at Blue Fox Motion Picture Limited. The court suggested pursuing legal remedies through other authorities and recommended seeking bail from a different court, stating its inability to issue directives under Article 32 of the Indian Constitution.
The status of cryptocurrency trading in India remains uncertain due to the lack of standardized rules and frameworks. The country is reportedly working on a regulatory framework for cryptocurrencies, influenced by joint recommendations from the International Monetary Fund and the Financial Stability Board, with potential legislation expected within the next five to six months.
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