The Supreme Court has refused to entertain a petition in search of a course to the Centre and others to border tips for regulation of buying and selling and mining of cryptocurrencies.
Cryptocurrencies are blockchain-based digital or digital currencies which function independently of a central financial institution.
A bench headed by Chief Justice D Y Chandrachud stated the primary reliefs sought within the plea have been extra in nature of a legislative course.
The bench, additionally comprising Justices J B Pardiwala and Manoj Misra, noticed that although the petition was below Article 32 of the Constitution, it was evident that the “real purpose is to seek bail in proceedings which are pending against the petitioner.” “We are unable to subscribe to this course of action. The petitioner would be at liberty to move the appropriate court for the grant of regular bail. Insofar as the main reliefs are concerned, they are more in a nature of a legislative direction which the court cannot issue under Article 32 of the Constitution,” the bench stated in its order handed on Friday.
Article 32 offers with proper to constitutional cures and 32 (1) grants a citizen the appropriate to maneuver the apex courtroom for enforcement of rights.
The bench famous that reliefs sought within the plea filed by the Uttar Pradesh-based man additionally included a course for prosecution of instances involving digital property/cryptocurrencies.
“We accordingly dispose of the petition granting liberty to the petitioner to pursue his remedies in accordance with law,” it stated.
