Bitcoin Trade Policy India: Why can’t the center have a clear policy on Bitcoin trade? SC Question
“Why doesn’t the Center adopt a clear cut policy on regulating cryptocurrencies? There is a parallel market chassis that can affect the economy. By regulating cryptocurrencies, you can keep an eye on trade,” the bench told other lawyers Aishwarya Bhati, who appeared at the Center.
Justice Kant added: “Bitcoin transactions are more or less like Hawara’s business.”
Barty asked for guidance on the matter.
The Supreme Court is hearing a bail request in which one of the defendants held in the illegal Bitcoin trade case in Gujarat and said it is impossible to determine whether he was a victim or a victim.
Barty claims the man is one of the largest aggregators of the state’s Bitcoin trade and is victimized by promising high returns and even indulging in kidnapping. The Supreme Court said on May 5 that Bitcoin transactions in India are like “a delicate way of dealing with Hawara business” because it regrets the Center’s inability to raise clear regimes that regulate virtual currencies. Shailesh Babulal Bhatt was arrested by police for allegedly illegal Bitcoin trade and moved out of Supreme Court bail.
His lawyer said the Supreme Court canceled the RBI circular in 2020, making the arrest of his client illegal, and in India, it is not illegal to conduct transactions in India.
On February 25, 2022, the Supreme Court asked the Centre to clarify whether cryptocurrency trade involving Bitcoin or any other such currency is legal in India.
The case, in conjunction with investors suspected of cheating India, luring them into trading in Bitcoin and ensuring they get high returns, involves multiple FIR withdrawals to BHAT.
