The top court orally enquired central government whether Bitcoins are illegal or not.
Supreme Court (IANS photo)
The Supreme Court on Friday asked the Centre to make its stand clear on Bitcoins. Currently, there is no regulation or any ban on the use of cryptocurrencies in the country.
The top court orally enquired central government whether Bitcoins are illegal or not.
The court enquiry came while hearing the petition seeking cancellation of bail against Ajay Bhardwaj, one of the co-accused among others in this case.
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Responding to the court’s question, Additional Solicitor General Aishwarya Bhati said that accused Ajay Bhardwaj is allegedly involved in the fraud of Bitcoins.
In a matter relating to the GainBitcoin scam, a bench of Justices D Y Chandrachud and Surya Kant told the additional solicitor general (ASG) Aishwarya Bhati, “You have to make your stand clear.”
Bhati has submitted before the bench that this case involves 87,000 Bitcoins and the accused is not cooperating with the investigation, and multiple summons have been issued so far.
The bench queried, “Is it illegal or not…”
When advocate Shoeb Alam, appearing for an FIR informant, sought cancellation of bail granted to Bhardwaj, the bench directed accused Ajay Bhardwaj to co-operate in the investigation and extended his interim protection from arrest till the next date of hearing. The court listed the matter for hearing after four weeks.
The Reserve Bank of India’s order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court.
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