The court in India rejected a petition that required the Government and the relevant authorities to develop recommendations on regulating the trade and mining of bitcoin and other cryptocurrencies.
In his ruling, the Court noted that although the petition was submitted in accordance with Article 32 of the Constitution of India, its true purpose was to achieve release on bail in a case concerning the applicant. Director of Blue Fox Motion Picture Limited, Manu Prasant Vig, who sued, is in custody in court on charges of "inclining people to invest in the scheme."
More than 130 affected residents of India have stated that they were deceived by Vig, which is probably related to the centralized Tokenz Limited Exchange. The Reserve Bank of India (RBI) considers Bitcoin and cryptocurrency analogues of gambling and requires them to be banned because of their excessive volatility.
India earlier in 2020 canceled the RBI message from 2018, which limited banks to participate in cryptocurrency operations. However, in 2022, the country introduced rigid taxes that the industry considers a "shadow ban". Despite this, India is leading in the world by accepting digital assets and the volume of transactions. In terms of trade, India ranks second after the United States, which indicates a high level of technological and human potential.
