India’s Supreme Court rejected the crypto petition, highlighting its legislative nature

The Supreme Court of India has refused to consider a Public Interest Litigation (PIL) seeking to establish guidelines and guidelines for cryptocurrency trading in India.

According to reports, a bench headed by the Chief Justice of India (CGI), after hearing the petition, declared that the petitioner's request was more legislative in nature. Considering the nature of the question, a bench comprising Justices JD Pardiwala and Manoj Misra dismissed the petition. Although the Supreme Court has filed a PIL regarding cryptocurrency and trading rules and regulations, the main objective is to protect the rights of securities.

Importantly, the petitioner Manu Prashant Vig is currently under arrest by the Delhi Police in connection with the cryptocurrency case. Delhi Police's Economic Offenses Wing (EOW) has alleged in 2020 that wigs lured individuals to invest in crypto and made huge returns.

According to the report, Wiig served as one of the directors of Blue Fox Motion Pictures Ltd. and pitched individuals to invest. Victims then report the scam to the Economic Offenses Wing (EOW) in Delhi. 133 investors or victims who invested their money filed lawsuits alleging that Wigg defrauded them.

To get relief from court protection, petitioner Manu Prashant proposed rules and framework for a PIL for crypto trading in India. Although the Supreme Court dismissed the PL, the bench allowed the petitioner, who is currently in jail, to pursue legal remedies and contact other concerned parties.

Related: India to train 3,000 police officers in crypto investigations by 2022–2023

During the hearing, a bench headed by CGI Chandrachud recommended that the petitioner be brought to another court for bail. The court expressed reservations about the pleadings of crypto business regulations, stating that such questions fall within the domain of the legislature. The court highlighted its inability to issue directions under Article 32 of the Constitution of India.

Due to the lack of standardized laws, guidelines, or specific frameworks for handling cryptocurrencies, the state of crypto trading in India remains controversial. India is reportedly developing a cryptocurrency regulatory framework based on joint recommendations from the International Monetary Fund (IMF) and the Financial Stability Board (FSB). According to recent Cointelegraph coverage, the results could be declared into law within the next five to six months.

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