They exist on decentralized networks using blockchain technology – a large distributed book applied by a disparate network of computers.
The plea came to hear before a bench of judges Br Gavai and Augustine George Masih.
Cryptographic tracker
The lawyer comparing to the petitioners said that several complaints had been filed across the country during cryptocurrencies. The lawyer said that the petitioners were looking for instructions to the center and others for a regulatory framework on the issue because there was no law to regulate it.
“It is in the field of decision-makers. How can we,” asked judge Gavai, “issues such a direction? We cannot establish the law”. The bench said that the petitioners could represent a representation on the issue of the Government of India. The lawyer argued that several petitioners approached different police authorities, but there was no regulatory policy on the issue.
“Prayers in petition are in the field of the Legislative Assembly and the Executive. From this point of view, we are not inclined to entertain the petition,” said the bench.
If the petitioners wished, according to the bench, they could have the appropriate authority considered.
In January of last year, the center informed the Superior Court that he had not yet made a decision on a mechanism to regulate cryptocurrencies and effectively investigate the related offenses.
The Superior Court heard a deposit plea distinct from an accused reserved for alleged fraud of cryptocurrencies in various states.
