SC rejects plea for cryptocurrency regulation guidelines

The Supreme Court has refused to entertain a petition that sought a directive for the Centre and others to establish guidelines for overseeing the trading and mining of cryptocurrencies. Cryptocurrencies are decentralized digital or virtual currencies operating independently from a central bank.

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A bench of Chief Justice D Y Chandrachud, along with Justices JB Pardiwala and Manoj Misra, noted that the primary reliefs sought in the plea were more akin to legislative directives. The bench observed that although the petition fell under Article 32 of the Constitution, it appeared evident that the "actual intent is to request bail in ongoing proceedings against the petitioner." 

The bench stated, "We cannot support this course of action. The petitioner is free to approach the appropriate court for regular bail. As for the main reliefs, they pertain more to a legislative direction, which the court cannot issue under Article 32 of the Constitution."