The Supreme Court of India has dismissed a petition seeking to make rules and guidelines for cryptocurrency trading in the country. A bench presided over by Chief Justice of India (CJI) Chandrachud held that the petitioner’s claims were more of a legislative nature. The petitioner, Manu Prashant Vig, is currently in custody in connection with a cryptocurrency case filed by the Economic Offences Wing of the Delhi Police in 2020.

The court emphasised that while the PIL is about the regulation of cryptocurrencies, the main purpose is to grant bail to the petitioner. Vig, accused of luring individuals to invest in cryptocurrencies with promises of high returns, held a directorial position in Blue Fox Motion Picture Limited. The court suggested recourse and recommended seeking bail in another court, saying it was unable to issue directives under Article 32 of the Constitution of India.

The status of cryptocurrency trading in India remains uncertain due to the lack of standardised rules and frameworks. The country is reportedly working on a regulatory framework for cryptocurrencies, influenced by joint recommendations from the International Monetary Fund and the Financial Stability Board, with potential legislation expected within the next five to six months.