Supreme Court Dismisses PIL Seeking Guidelines To Regulate Cryptocurrencies, Says It Is A Bail Application In Form Of PIL

On Friday (10.11.2023), the Supreme Court declined to consider a public interest litigation (PIL) seeking guidelines for trading and mining of cryptocurrency. The petition was brought before a bench comprising Chief Justice of India DY Chandrachud and Justices JB Pardiwala and Manoj Mishra. The court noted that even though the petitioner had filed the plea under Article 32 of the Constitution in the format of a PIL, but it appeared that the primary aim was to secure bail for the petitioner in a related case.

The petitioner, Manu Prashant Wig, is presently in judicial custody due to his involvement in a case filed by the Economic Offence Wing (EOW) of Delhi Police in 2020. He is one of the directors of Blue Fox Motion Picture Limited and is accused of enticing individuals to invest in a scheme promising exceptionally high returns. Subsequently, 133 investors filed complaints with the EOW, alleging that they were defrauded, and their money was not returned.

The counsel of petitioner argued before the court that purchasing cryptocurrency was a voluntary act and, as such, should not be considered an offense under the Indian Penal Code (IPC). However, the court was not inclined to entertain the plea.

CJI DY Chandrachud remarked–

"You want bail from our court, you pursue your remedies before the appropriate court for the grant of bail. Why should we entertain? These are basically bail applications styled under the garb of Article 32 petitions."

The bench stated that the petitioner could move to the appropriate court for remedies.

"Parliament will do it, we will not issue any directions."

Case Title: Manu Prashant Wig v. Union of India and Ors

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