SC refuses to entertain plea to frame guidelines for regulation of trading of cryptocurrencies

The Supreme Court has refused to entertain a petition seeking a direction to the Centre and others to frame guidelines for regulation of trading and mining of cryptocurrencies.

Cryptocurrencies are blockchain-based digital or virtual currencies which operate independently of a central bank.

A bench headed by Chief Justice D Y Chandrachud said the main reliefs sought in the plea were more in nature of a legislative direction.

The bench, also comprising Justices J B Pardiwala and Manoj Misra, observed that though the petition was under Article 32 of the Constitution, it was evident that the “real purpose is to seek bail in proceedings which are pending against the petitioner.”