SC says no to plea for regulatory framework on cryptocurrencies

advertisement

New Delhi, Apr 16: The Supreme Court on Wednesday refused to examine a plea seeking a regulatory framework on cryptocurrencies and said it couldn’t “lay down the law”.

advertisement

A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.

They exist on decentralised networks using blockchain technology — a distributed ledger enforced by a disparate network of computers.

The plea came up for hearing before a bench of Justices B R Gavai and Augustine George Masih.

The counsel appearing for the petitioners claimed several complaints were filed across the country over cryptocurrencies.

advertisement

The counsel said the petitioners were seeking directions to the Centre and others for a regulatory framework on the issue as there was no law to regulate it.

“It is in the domain of policy makers. How can we,” Justice Gavai asked, “issue any such direction? We can’t lay down the law”.

The bench said the petitioners could make a representation on the issue to the Government of India.

The counsel argued several petitioners approached different police authorities but there was no regulatory policy on the issue.

“The prayers made in the petition are within the domain of the legislature and the executive. In that view of the matter, we are not inclined to entertain the petition,” the bench said.

If the petitioners so desired, the bench said, they could make a representation to the appropriate authority to be considered.

In January last year, the Centre informed the top court that it was yet to take a decision on a mechanism to regulate cryptocurrencies and effectively investigate related offences.

The top court was hearing a separate bail plea of an accused booked for alleged cryptocurrencies fraud in various states. (PTI)

advertisement

Hot this week

Pay hike of Assam ministers, MLAs likely as 3-member panel submits report

Full report likely by Oct 30 Guwahati Sept 25: There...

Meghalaya Biological Park Inaugurated After 25 Years: A New Chapter in Conservation and Education

Shillong, Nov 28: Though it took nearly 25 years...

ANSAM rejects Kuki’s separate administration demand, says bifurcation not acceptable

Guwahati, Sept 8: Rejecting the separate administration demand of...

Meghalaya man missing in Bangkok

Shillong, Jan 10: A 57-year-old Meghalaya resident, Mr. Treactchell...

Meghalaya’s historic fiber paves the way for eco-friendly products and sustainable livelihoods

By Roopak Goswami Shillong, Oct 25: From making earbuds to...

BJP slams Rahul over ‘abuses’ against PM

New Delhi/Patna, Aug 28: Alleging that abuses were hurled...

Sowjanya rape, murder case: Victim’s mother files fresh complaint before Dharmasthala SIT

Mangaluru (Karnataka), Aug 28: Kusumavati, mother of Sowjanya, a...

Excise revenue: Govt defers rollout of QR code system

Shillong, Aug 28: The state government has extended the...

‘Public support crucial to fight drug menace’

Shillong, Aug 28: Cabinet minister Kyrmen Shylla has asserted...

Mohan Bhagwat denies RSS role in picking BJP chief

New Delhi, Aug 28: RSS chief Mohan Bhagwat on...

Govt doing best to aid the flood-hit: Shylla

Shillong, Aug 28: Revenue and disaster management minister Kyrmen...

Three convicted in 2017 POCSO case

Shillong, Aug 28: The Ri Bhoi District Special Judge...
spot_img

Related Articles

Popular Categories