The post India’s Supreme Court Dismisses Plea for Crypto Legislation! appeared first on Coinpedia Fintech News
India’s Supreme Court has rejected a petition seeking the government to frame legislation for cryptocurrencies. The petitioner, Manu Prashant Wig, is currently in judicial custody on charges of inducing people to invest in a fraudulent scheme. The court deemed the real purpose of the petition to be seeking bail in pending proceedings. Wig is the director of a centralized cryptocurrency exchange, Tokenz Limited, which is accused of defrauding over 130 victims. The court’s decision comes at a time when India has introduced stiff taxes on cryptocurrencies and payment processors have cut off local exchanges, leaving the industry struggling to survive.