The Indian Supreme Court has refused to entertain a Public Interest Litigation (PIL) that aimed to establish a framework for rules and guidelines for cryptocurrency trading in India. This step of the Indian Supreme Court was quite surprising because while the Government of India is requesting crypto regulation on international platforms like the G20, at the same time its Supreme Court in the country is demanding to establish a framework for rules and guidelines for cryptocurrency trading. Rejecting the PIL. But it is important to understand why the Supreme Court has rejected the PIL.
In fact, the court believes that the PIL filed by the petitioner demanding rules and guidelines for cryptocurrency and its trading has not been filed in the public interest but for the petitioner's bail. It is noteworthy that petitioner Manu Prashant Wig is currently detained by Delhi Police in a cryptocurrency case. The Economic Offenses Wing (EOW) of Delhi Police had registered a case in 2020, accusing Wig of luring people to invest in crypto with the promise of high returns. Subsequently, the victims reported the fraud to the Economic Offenses Wing (EOW) in Delhi. In which a total of 133 investors filed a case that Wig had cheated them. Seeking relief from judicial custody, petitioner Manu Prashant has filed a PIL seeking rules and a framework for crypto trading in India.
However, the Indian Supreme Court's rejection of the petition seeking crypto trading rules and framework is not a good sign. As crypto regulation is being given more importance in India following its G20 presidency, the international market is closely watching India's approach to cryptocurrency regulation as the global financial landscape evolves with the advent of digital currencies. Is.
The state of crypto trading in India remains controversial due to the absence of regulations, guidelines, or frameworks on cryptocurrency. However, India is developing a cryptocurrency regulatory framework based on the joint recommendations of the International Monetary Fund (IMF) and the Financial Stability Board (FSB). Its result may emerge in the form of a law in the next five to six months.