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The Supreme Court has declined a petition urging the Centre to establish guidelines for the trading and mining of cryptocurrencies. Cryptocurrencies, digital or virtual currencies operating independently of central banks, have been a subject of regulatory discussion globally.
A bench headed by Chief Justice D Y Chandrachud stated that the relief sought in the plea was more akin to a legislative direction. The court emphasized that the petitioner could seek regular bail through the appropriate court for pending proceedings, adding that the main reliefs were beyond the scope of Article 32 of the Constitution. The plea, filed by an Uttar Pradesh-based individual, also sought a direction for the prosecution of cases involving digital assets and cryptocurrencies.