Cryptocurrencies are digital or virtual assets secured by cryptography, making them nearly impossible to counterfeit
New Delhi: The Supreme Court on Wednesday refused to entertain a plea seeking a regulatory framework for cryptocurrencies, stating that such matters fall within the domain of the legislature and executive, and the court cannot "lay down the law" on policy issues.
A bench comprising Justices B.R. Gavai and Augustine George Masih heard the plea, which sought directions to the Centre and other authorities to formulate regulations for cryptocurrencies, citing the absence of a legal framework and rising complaints across the country.
“It is in the domain of policy makers. How can we issue any such direction? We can’t lay down the law,” observed Justice Gavai, declining to intervene in the matter.
The bench advised the petitioners to submit their concerns to the appropriate government authorities, saying that the prayers made in the petition were clearly within the jurisdiction of the executive and legislature. “We are not inclined to entertain the petition,” the court ruled.
The petitioners' counsel argued that multiple complaints regarding cryptocurrency-related fraud had been filed across various states, but the lack of a regulatory mechanism hindered proper investigation.
In January last year, the Centre informed the top court that it had not yet reached a decision on a framework to regulate cryptocurrencies or address crimes associated with them.
Cryptocurrencies are digital or virtual assets secured by cryptography, making them nearly impossible to counterfeit. These operate on decentralised blockchain technology, a distributed ledger maintained by a global network of computers.
