Supreme Court says cryptocurrency needs to be regulated, banning not an option

During yesterday’s hearing, the Court asked ASG Bhati about the expected timeline for completing the investigation against the accused petitioner.

She replied that an updated report on the investigation’s progress, along with the Union’s position on cryptocurrency, would be submitted by July.

The Court noted that the larger issue of a policy on cryptocurrency can be dealt with separately. It added that the primary focus must be on the petitioner, as it was unclear from the records whether he was a victim or a perpetrator.

“That (Cryptocurrency regulation), we can deal with separately. We have to deal first of all with this gentleman (petitioner), because right now it is difficult to understand from the file whether he is victim or victimizer,” the Bench said.

The Court listed the matter for further hearing on May 30 and directed the Central Bureau of Investigation (CBI) to make an endeavour to complete further investigation by that date.