🚨 BREAKING: 🇮🇳 India's Supreme Court REJECTS #Crypto Regulation Plea 😳
🇮🇳 What does this mean for the future of #Bitcoin and #Crypto in the world's largest democracy? 🔥
1️⃣ Background:
👉 India's Supreme Court dismissed a petition urging the government to establish #crypto regulations.
👉 The petitioner, Manu Prashant Wig, is in custody, accused of involvement in a scheme to induce investments.
2️⃣ Petition Details:
👉 Wig's PIL sought guidelines for #crypto trading and mining, plus direction for prosecuting digital asset cases.
👉 The court, however, observed the real motive seemed to be seeking bail in Wig's ongoing case.
3️⃣ Supreme Court's Decision:
👉 The court, led by Chief Justice D.Y. Chandrachud, declined the plea, stating the petition's primary aim was securing bail.
👉 The order suggested seeking relief through legislative direction is beyond the court's scope.
4️⃣ Legal Context:
👉 While the court granted liberty for Wig to seek regular bail, it emphasized that courts can't instruct the legislature to frame laws.
👉 Legislative powers are constitutionally separate.
5️⃣ Historical Context:
👉 In 2020, the Supreme Court overturned a banking ban on #crypto transactions.
👉 However, in 2022, India introduced stringent crypto taxes, creating challenges for the industry.
6️⃣ Industry Challenges:
👉 The #crypto sector faced disruptions as payment processors cut off exchanges, and the government took enforcement actions against ten exchanges, causing them to fight for survival.
7️⃣ Government's Position:
👉 India's government previously stated that only Parliament has the authority to frame #crypto-related laws, emphasizing the separation of powers.
8️⃣ Global Influence:
👉 India's stance on #crypto gained attention after pushing for global guidelines at the G20 in 2023.
👉 The country has kept a crypto bill on hold since 2021, with a decision expected in the coming months.
9️⃣ Rise in Crypto Scams:
👉 Recent #crypto scams in India prompted increased regulatory actions, reflecting authorities' concerns about investor protection.
🔟 Summary:
👉 The Supreme Court's refusal underscores the separation of powers, emphasizing that legislative matters are beyond the court's purview.
👉 Meanwhile, India's evolving #crypto landscape awaits further regulatory clarity.