India's Supreme Court has refused to consider a public interest lawsuit (PIL) aimed at establishing regulations and guidance frameworks for cryptocurrency transactions in India.

According to reports, judges led by India's Chief Justice (CJI) stated after hearing the appeal that the petitioners' demands were more legislative in nature.

Given the nature of the petition, judges JD Pardiwala and Manoj Misra rejected the request.

The Supreme Court noted that although the petitioners submitted a PIL calling for regulation and guidance on cryptocurrency and its transactions, their ultimate goal was to obtain bail.