Supreme Court Rejects Plea Seeking Regulatory Framework for Cryptocurrencies

The Supreme Court of India declined to entertain a plea seeking directions for a regulatory framework on cryptocurrencies, stating that law-making lies within the domain of policymakers and not the judiciary.

The plea sought a regulatory framework for cryptocurrencies due to rising complaints and lack of existing legislation.

A two-judge bench of the Supreme Court heard the matter. The Court underscored that the authority to formulate regulations rests solely with the legislature and the executive. Petitioners were advised to make a representation to the Government of India.

The petition was declined on the grounds of maintainability, and the Court refrained from issuing any directions.