๐จ BREAKING: ๐ฎ๐ณ India's Supreme Court REJECTS #Crypto Regulation Plea ๐ณ
๐ฎ๐ณ What does this mean for the future of #Bitcoinโฏโฏโฏ and #Crypto in the world's largest democracy? ๐ฅ
1๏ธโฃ Background:
๐ India's Supreme Court dismissed a petition urging the government to establish #crypto regulations.
๐ The petitioner, Manu Prashant Wig, is in custody, accused of involvement in a scheme to induce investments.
2๏ธโฃ Petition Details:
๐ Wig's PIL sought guidelines for #crypto trading and mining, plus direction for prosecuting digital asset cases.
๐ The court, however, observed the real motive seemed to be seeking bail in Wig's ongoing case.
3๏ธโฃ Supreme Court's Decision:
๐ The court, led by Chief Justice D.Y. Chandrachud, declined the plea, stating the petition's primary aim was securing bail.
๐ The order suggested seeking relief through legislative direction is beyond the court's scope.
4๏ธโฃ Legal Context:
๐ While the court granted liberty for Wig to seek regular bail, it emphasized that courts can't instruct the legislature to frame laws.
๐ Legislative powers are constitutionally separate.
5๏ธโฃ Historical Context:
๐ In 2020, the Supreme Court overturned a banking ban on #crypto transactions.
๐ However, in 2022, India introduced stringent crypto taxes, creating challenges for the industry.
6๏ธโฃ Industry Challenges:
๐ 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.
7๏ธโฃ Government's Position:
๐ India's government previously stated that only Parliament has the authority to frame #crypto-related laws, emphasizing the separation of powers.
8๏ธโฃ Global Influence:
๐ India's stance on #crypto gained attention after pushing for global guidelines at the G20 in 2023.
๐ The country has kept a crypto bill on hold since 2021, with a decision expected in the coming months.
9๏ธโฃ Rise in Crypto Scams:
๐ Recent #crypto scams in India prompted increased regulatory actions, reflecting authorities' concerns about investor protection.
๐ Summary:
๐ The Supreme Court's refusal underscores the separation of powers, emphasizing that legislative matters are beyond the court's purview.
๐ Meanwhile, India's evolving #crypto landscape awaits further regulatory clarity.