Why Did the Indian Supreme Court Reject the Crypto Regulation Petition?

Reportedly, the Supreme Court has rejected the petition for specific regulations on cryptocurrency in India

The petitioner, Manu Prashant Wig, currently faces fraud allegations related to enticing individuals to invest in his crypto exchange

According to the court, this petition lacked genuine public interest and was a well-planned attempt by Wig to secure bail in his ongoing criminal proceedings

Additionally, the Supreme Court clarified that it does not have the authority to direct the legislature to create or repeal laws

For a considerable period, the Indian government has remained indecisive on crypto regulation