Why NCDRC called the current crypto regime ‘nebulous’, dismissed WazirX case | Explained News
Underlining the continued lack of clarity on the issue of cryptocurrency regulation, the National Consumer Disputes Redressal Commission (NCDRC) last week dismissed a lawsuit by investors against WazirX, a cryptocurrency exchange focused on the Indian market.
Investors approached the NCDRC claiming a ‘deficiency in service’ by WazirX after a cybersecurity breach last July saw the firm lose about $233 million. They argued that WazirX failed to implement adequate security measures, allowing the cyberattack to take place.
In its ruling, the NCDRC held that the governance regime for cryptocurrency was ‘nebulous’ and that the consumer court does not have jurisdiction to hear the case. It did not comment on the measures WazirX could…
