BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Regulation

Indian Supreme Court Rejects Crypto Petition, Citing Legislative Nature of Demands

by Dan K
Nov 11, 2023 - 4:31 pm
in Regulation
Facade of the Indian Supreme Court where the crypto regulation petition was rejected.

Overview of the Supreme Court’s Decision

The Indian Supreme Court declined to consider a Public Interest Litigation (PIL) that aimed to establish regulations and a framework of guidelines for cryptocurrency trading in India.

According to a report, the bench headed by the Chief Justice of India (CJI), after listening to the plea, remarked that the petitioner’s demands are more legislative in nature. Given the petition’s character, the bench, including Justice JD Pardiwala and Manoj Misra, dismissed the plea. The Supreme Court noted that despite the petitioner filing a PIL requesting regulations and guidelines for cryptocurrency and its trading, the underlying objective is to secure bail.

Background of the Petitioner and Crypto Case

Significantly, Manu Prashant Wig, the petitioner, is presently held in custody by the Delhi Police in connection to a cryptocurrency case. The Economic Offence Wing (EOW) of the Delhi Police filed a case in 2020, accusing Wig of enticing individuals to invest in crypto with promises of higher returns.

According to the report, Wig served as one of the directors at Blue Fox Motion Picture Limited, enticing individuals to invest. Subsequently, victims reported the fraud to the Economic Offence Wing (EOW) in Delhi. A total of 133 investors or victims who had invested their funds, filed a case stating Wig deceived them.

Implications for Cryptocurrency Regulation in India

Seeking relief from judicial custody, the petitioner, Manu Prashant, filed a PIL demanding regulations and a framework for crypto trading in India. Despite the Supreme Court rejecting the PIL, the bench permitted the petitioner, currently in jail, to pursue legal remedies and approach other relevant authorities.

During the court hearing, the bench led by CJI Chandrachud advised the petitioner to approach a different court for bail. Expressing reservations about the plea for crypto trading regulations, the court noted that such demands fall within the legislative domain. The court highlighted its inability to issue directives under Article 32 of the Indian Constitution.

The status of crypto trading in India remains debatable due to the absence of standardized rules, guidelines, or specific frameworks for handling cryptocurrencies. India is reportedly developing a cryptocurrency regulatory framework, drawing from joint recommendations by the International Monetary Fund (IMF) and the Financial Stability Board (FSB). The outcome could manifest as legal legislation within the next five to six months.

Tags: CryptocurrencyIndiaRegulation
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Graphic illustration of Coinbase's 2023 Transparency Report with global law enforcement inquiry statistics.

Coinbase Reports Over 13,000 Law Enforcement Inquiries in 2023

December 1, 2023

Coinbase faces unprecedented law enforcement scrutiny with over 13,000 requests in 2023, highlighting global focus on cryptocurrency regulation.

Marco Santori of Kraken discussing legal strategy in response to the SEC lawsuit, inspired by Ripple's victory.

Kraken Stands Up to SEC Lawsuit, Drawing Inspiration from Ripple’s Legal Success

December 1, 2023

Kraken, in a legal showdown with the U.S. Securities and Exchange Commission, emboldened by Ripple's win, is set...

Graphical representation of Fidelity's application to the SEC for a Spot Ether ETF.

SEC Seeks Public Input on Fidelity’s Spot Ether ETF Proposal

November 30, 2023

The SEC invites public input on Fidelity's Ether ETF, potentially marking a pivotal moment in United States cryptocurrency...

Illustration of Fasset's entry into Dubai's cryptocurrency market with a newly granted VASP license.

Fasset Secures VASP License in Dubai, Expanding Crypto Investment Opportunities

November 30, 2023

Fasset, a digital asset investment platform, has been granted a VASP license by Dubai's VARA, enabling legal broker-dealer...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise