PTI | , Posted by Singh Rahul Sunilkumar
The Supreme Court has refused to consider a petition seeking directions to the Center and others to frame guidelines for regulating cryptocurrency trading and mining.
Cryptocurrencies are blockchain-based digital or virtual currencies that operate independently of a central bank.
A bench headed by Chief Justice DY Chandrachud said the major reliefs sought in the plea were more of a legislative direction.
The bench, also comprising Justices JB Pardiwala and Manoj Misra, observed that though the petition was based on Article 32 of the Constitution, it was evident that "the real purpose is to seek bail in the proceedings pending against the petitioner".
"We cannot subscribe to this course of action. The petitioner would be free to apply to the appropriate court to grant him regular bail. As far as the main reliefs are concerned, they are rather in the nature of a legislative direction than the "The court cannot issue in accordance with Article 32 of the Constitution," the court said in its order approved on Friday.
Article 32 deals with the right to constitutional remedies and Article 32 (1) gives the citizen the right to approach the high court to enforce his rights.
The court noted that the reliefs sought in the plea filed by the Uttar Pradesh man also included an order for prosecution of cases related to digital assets/cryptocurrencies.
"Accordingly, we dispose of the petition granting freedom to the petitioner to file his remedies in accordance with the law," he said.
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