A cryptocurrency is a digital or digital foreign money secured by cryptography, which makes it almost inconceivable to counterfeit or double-spend.. (Representational picture)
| Picture Credit score: Reuters
The Supreme Court on Wednesday (April 16, 2025) refused to study a plea searching for a regulatory framework on cryptocurrencies and mentioned it couldn’t “lay down the regulation”.
A cryptocurrency is a digital or digital foreign money secured by cryptography, which makes it almost inconceivable to counterfeit or double-spend.
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They exist on decentralised networks utilizing blockchain expertise — a distributed ledger enforced by a disparate community of computer systems.
The plea got here up for listening to earlier than a Bench of Justices B.R. Gavai and Augustine George Masih.
The counsel showing for the petitioners claimed a number of complaints had been filed throughout the nation over cryptocurrencies.
The counsel mentioned the petitioners had been searching for instructions to the Centre and others for a regulatory framework on the problem as there was no regulation to regulate it.
“It’s within the area of coverage makers. How can we,” Justice Gavai requested, “problem any such path? We will’t lay down the regulation”.
The Bench mentioned the petitioners may make a illustration on the problem to the Authorities of India.
The counsel argued a number of petitioners approached completely different police authorities however there was no regulatory coverage on the problem.
“The prayers made within the petition are inside the area of the legislature and the chief. In that view of the matter, we aren’t inclined to entertain the petition,” the Bench mentioned.
If the petitioners so desired, the Bench mentioned, they might make a illustration to the suitable authority to be thought-about.
In January final 12 months, the Centre knowledgeable the Supreme Court that it was but to take a choice on a mechanism to regulate cryptocurrencies and successfully examine associated offences.
The Supreme Court was listening to a separate bail plea of an accused booked for alleged cryptocurrencies fraud in numerous States.
Revealed – April 16, 2025 03:45 pm IST
