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The Supreme Court on Friday said it cannot restrain the government from bringing a law in Parliament on cryptocurrencies and dismissed a petition challenging the formation of an inter-ministerial committee to make recommendations to the Center on virtual currencies. Cryptocurrencies are digital or virtual currencies. A bench of Justice DY Chandrachud and Justice Hima Kohli termed the PIL filed by a private firm as wrong and dismissed it.

The court said, what kind of petition is this? The government has formed an inter-ministerial committee, so you filed a petition under Article 32 of the Constitution? You want to challenge the proposed law. You are not taking reply from RTI. Advocate Prabhat Kumar, appearing for the firm, said that the finance minister had announced in the budget speech that cryptocurrencies are not legal tender nor are they safe and now the government is saying that they will make a law.

The bench said it is a constitutional issue and the Reserve Bank of India (RBI) circular is only advisory and is not binding on the government. Invoking the jurisdiction of the Supreme Court under Article 32 of the Constitution, the petitioner wishes to challenge a letter dated 2 September 2021 of the Government of India in the Ministry of Finance, Department of Economic Affairs.

A cryptocurrency is a digital currency in which encryption technology is used to create its units. It transfers funds beyond the oversight of the central bank. The court said that the government’s readiness to bring legislation regarding cryptocurrencies is a constitutional matter and the circular issued by the Reserve Bank of India in this regard is not binding.

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The Supreme Court on Friday said it cannot restrain the government from bringing a law in Parliament on cryptocurrencies and dismissed a petition challenging the formation of an inter-ministerial committee to make recommendations to the Center on virtual currencies. Cryptocurrencies are digital or virtual currencies. A bench of Justices DY Chandrachud and Hima Kohli termed the PIL filed by a private firm as wrong and dismissed it.

The court said, what kind of petition is this? The government has formed an inter-ministerial committee, so you filed a petition under Article 32 of the Constitution? You want to challenge the proposed law. You are not taking reply from RTI. Advocate Prabhat Kumar, appearing for the firm, said that the finance minister had announced in the budget speech that cryptocurrencies are not legal tender nor are they safe and now the government is saying that they will make a law.

The bench said it is a constitutional issue and the Reserve Bank of India (RBI) circular is only advisory and is not binding on the government. Invoking the jurisdiction of the Supreme Court under Article 32 of the Constitution, the petitioner wishes to challenge a letter dated 2 September 2021 of the Government of India in the Ministry of Finance, Department of Economic Affairs.

A cryptocurrency is a digital currency in which encryption technology is used to create its units. It transfers funds beyond the oversight of the central bank. The court said that the government’s readiness to bring legislation regarding cryptocurrencies is a constitutional matter and the circular issued by the Reserve Bank of India in this regard is not binding.

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