They exist on decentralized networks using blockchain technology – a distributed account applied by a different network of computer.
The petition was filed for a bench of Judge BR Gavas and August Gustin George Masih.
Advisor to the applicants claims that there were several complaints on cryptocurrencies across the country.
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The council said the applicants were looking for directions to the center and others for the regulatory structure on the issue because there was no law to regulate it.
“It is in the field of policy decisions. Judge Gawai asked,” How can we issue such a direction? We cannot put the law ”.
The bench said that the applicants could present to the Government of India on this issue.
The council argued that several applicants contacted different police officers but there was no regulatory policy on the issue.
The bench said, “Prayers in the petition are in the field of legislative and business. In this point of view, we do not tend to entertain the application.”
If the applicants are so desirable, the bench said that they could make a presentation to consider the right rights.
In January last year, the Center informed the top court that there was a decision on the method of regulating cryptocurrency and effectively investigating related crimes.
The top court was hearing a separate bail application of the accused booked for alleged cryptocurrency fraud in various states.
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