Supreme Court on Bitcoin: The Supreme Court on Friday asked the central government to clarify its stand on bitcoin whether it is legal or illegal.
Supreme Court on Bitcoin: The Supreme Court on Friday asked the central government to clarify its stand on bitcoin whether it is legal or illegal. At present, there is no restriction or regulation on the use of cryptocurrencies in the country.
Said to clarify the stand of the government
A two-member bench of Justices DY Chandrachud and Surya Kant told Additional Solicitor General Aishwarya Bhati, “You have to make your stand clear.” The division bench was hearing a petition filed by Ajay Bhardwaj against the central government. Advocate Shoaib Alam sought dismissal of the bail plea granted by Bhardwaj.
Case related to 87 thousand bitcoins
Aishwarya Bhati had told the bench that the matter pertains to 87,000 bitcoins and that the accused was not cooperating in the investigation and several summons had been sent to him. The judges hearing the case directed the accused to meet the investigating officer and asked him to cooperate in the investigation.
Hearing adjourned for four weeks
On this the bench said whether it is illegal or not. The bench also said that the Enforcement Directorate had submitted the status report in July last year. The bench said that the investigating officer will submit a status report regarding the cooperation of the accused in the investigation. The hearing of the case has been adjourned for the next four weeks.
The bench also said that the interim order not to arrest the accused will remain valid till the next hearing. The Supreme Court said that the Reserve Bank of India’s order regarding cryptocurrency was reversed in March 2020.
