
According to the PTI report, the Supreme Indian Court (SC) today refused to hear a request for cryptocurrency regulation. He stated the reasons why it was necessary to deal with this matter through government policy and not the courts.
The hearing of the petition 16 April, the bench of the Supreme Court, which consists of BR Gavai and Augustine George Masih, said it could not “set a law” in terms of cryptocurrencies.
What is a cryptocurrency?
Cryptocurrency is a digital or virtual currency secured by cryptography, which almost prevents counterfeiting or double expenditure. They exist on decentralized networks using blockchain technology – a distributed book forced by a diverse network of computers.
Bitcoin is the largest cryptocurrency in the world, followed by Ether. While Tether is the most traded crypto token in the world because its value was tied to the dollar of the United States.
The cost of Bitcoins Today: At the time of writing, CoinMarketcap has shown that Bitcoin is traded by $ 2.50 % compared to the previous day, at $ 83,759.49, because Donald Trump’s tariffs continue to push safe assets like gold.
Why does SC say “no” plaintiffs over crypto regulation?
The advisor who appeared for the petitioner claimed that several complaints were filed all over the country because of cryptocurrencies. The advisor was looking for instructions from the top court to the center and others for the regulatory framework on this issue, because there was no law to regulate it.
To do this, the justice Gavai asked, “It is in the field of politicians. How can we give any such direction? The bench also asked the petitioners to introduce the Indian government.
The advisor argued that several petitioners were addressed by various police authorities, but there was no regulatory policy in this matter. “Prayers made in the petition are in the domain of the legislative and executive.
However, the bench added: “If the petitioners wanted to do so, they could be represented by the competent authority to consider”.
In January 2024, the Center informed SC that it was not yet decided to regulate the cryptocurrencies and effectively explore the related offense.
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