SC rejects request to create restrictions for cryptocurrency trading guidelines
Even though the plea was filed under Article 32 of the Constitution, the bench, which also included Justices JB Pardiwala and Manoj Misra, said that it was clear that the "real purpose is to seek bail in proceedings which are extant against the petitioner".
The court observed that among the reliefs sought in the man's appeal from Uttar Pradesh was a directive to prosecute crimes pertaining to digital assets and cryptocurrency.
A petition asking the Supreme Court to order the Center and others to create regulations governing the mining and trade of cryptocurrencies has been denied. Cryptocurrencies are digital or virtual currencies decentralized on a blockchain that function without the intervention of a central bank.
The primary reliefs sought in the petition, according to a bench led by Chief Justice DY Chandrachud, were more akin to legislative directives.
Even though the plea was filed under Article 32 of the Constitution, the bench, which also included Justices JB Pardiwala and Manoj Misra, said that it was clear that the "real purpose is to seek bail in proceedings which are proceeding against the petitioner".
We cannot support this course of action. The petitioner would be free to request regular bail from the relevant court. Regarding the primary reliefs, the bench said in its ruling dated November 10 that they were more akin to legislative directives that the court is not authorized to provide under Article 32 of the Constitution.
A person has the right to petition the supreme court to have their rights enforced under Article 32 (1), which addresses the right to constitutional remedies. The court observed that among the reliefs sought in the man's appeal from Uttar Pradesh was a directive to prosecute crimes pertaining to digital assets and cryptocurrency.
As a result, we deny the petition, giving the petitioner the freedom to seek his legal remedies," it said.
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