The Centre has informed the Supreme Court that a decision on cryptocurrency regulation and how to investigate crimes involving it, however, lies ahead. The bench comprising Justice Surya Kant and Judge Viswanathan was informed by the Additional Solicitor General Vikramjit Banerjee representing the Centre that issues about the digital currency are constantly developing while the government deliberates over a mechanism on how cryptocurrencies should be regulated.
He applied for time to submit an affidavit concerning the updated position on the mechanism by the next hearing date. As regards the stand taken by the Union of India vis-à-vis issues on cryptocurrency arising in various states, the Additional Solicitor General for that country asks and is granted four weeks to file a requisite affidavit.
At the hearing, Justice Kant shared that all the court requires is appropriate safeguards to protect an ordinary citizen from fraud and misuse of cryptocurrency.
“We are not connoisseurs of what you ought to have or regulate, and if there is no regulatory mechanism, then anybody can create a currency and trade in it. Things will go haywire,” the bench told Banerjee.
The ASG said that the deliberations are ongoing, though it is an issue that keeps evolving, and he will file an affidavit with details about it at the next hearing.
On March 21, the bench listed the case for a later hearing.
It was after hearing the bail petition of one Ganesh Shiv Kumar Sagar, booked in various states such as Jharkhand, Maharashtra, and Gujarat for cryptocurrency fraud. He has also tried to unite the various FIRs lodged against him in different states.
The interim relief from arrest was provided to him on July 27, 2023. The advocate for Sagar stated that he promises to attend the Investigating Officer as often needed until his investigation reaches its logical end.
