Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC


Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC
Yet to finalise mechanism for regulating cryptocurrencies: Centre to SC
Spread the love

The Centre has informed the Supreme Court that a decision on cryptocurrency regulation and how to investigate crimes involving it, however, lies ahead. The bench comprising Justice Surya Kant and Judge Viswanathan was informed by the Additional Solicitor General Vikramjit Banerjee representing the Centre that issues about the digital currency are constantly developing while the government deliberates over a mechanism on how cryptocurrencies should be regulated.

He applied for time to submit an affidavit concerning the updated position on the mechanism by the next hearing date. As regards the stand taken by the Union of India vis-à-vis issues on cryptocurrency arising in various states, the Additional Solicitor General for that country asks and is granted four weeks to file a requisite affidavit.

At the hearing, Justice Kant shared that all the court requires is appropriate safeguards to protect an ordinary citizen from fraud and misuse of cryptocurrency.

The ASG said that the deliberations are ongoing, though it is an issue that keeps evolving, and he will file an affidavit with details about it at the next hearing.

On March 21, the bench listed the case for a later hearing.

It was after hearing the bail petition of one Ganesh Shiv Kumar Sagar, booked in various states such as Jharkhand, Maharashtra, and Gujarat for cryptocurrency fraud. He has also tried to unite the various FIRs lodged against him in different states.

The interim relief from arrest was provided to him on July 27, 2023. The advocate for Sagar stated that he promises to attend the Investigating Officer as often needed until his investigation reaches its logical end.


Spread the love

Disclaimer – We have collected this information from various trustworthy sources on the Internet, and the facts have been checked manually and verified by our In House team.


Ankit Kataria

Engineer | Content Writer Want to be a catalyst for a positive change in the world