Madras High Court dismisses plea against cryptocurrency ads

The first bench of Acting Chief Justice Munishwar Nath Bhandari and PD Audikesavalu declined the plea by one Tirunelveli resident named Ayya. The petitioner prayed for a direction to the Union government to ban the cryptocurrency advertisements in all the media platforms citing that there are no proper rules that have been framed to streamline the cryptocurrency trade.

On hearing the submission, the ACJ asked the petitioner to show the crypto currency advertisements which had come in the media. Since the litigant failed to furnish a copy of the advertisements, the judges held that they could not entertain the petition.

The judge observed that while levelling allegations, the petitioner should submit the materials before the HC.

“We cannot construct a house without the foundation. If we proceed without the foundation, the building will fall,” the ACJ said to the litigant for not placing the copies of the media advertisements to substantiate his charges.

As the HC granted liberty to withdraw the petition, the petitioner decided to withdraw the petition for filing a fresh one.

Ayya, in his petition, stated that there is no mechanism to monitor and lead the cryptocurrency trade in India. “There are many discrepancies and illegal activities were found in the virtual currency transaction. Therefore, the advertisements cannot be allowed till the rules are formed to guide the cryptocurrency trade,” the petitioner submitted.