Supreme Court asks Centre to clear its stand on legality of Cryptocurrency trade in India

FPJ BureauUpdated: Friday, February 25, 2022, 11:42 PM IST
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The Supreme Court on Friday asked the government to clarify whether the use of crypto currencies in India is legal or not. It was hearing a matter relating to Bitcoin scam.

A Bench of Justices D Y Chandrachud and Surya Kant told additional solicitor general Aishwarya Bhati: "You have to make your stand clear."

The top court was hearing a case relating to GainBitcoin scam involving 80,000 Bitcoins worth Rs 20,000 crore.

The SC poser came during the hearing on a petition seeking bail for Jay Bhardwaj, a co-accused in the case. His brother Amit Bhardwaj, the alleged mastermind behind the scam, was arrested in March 2018 and let out on bail by the Supreme Court on April 3, 2019.

There is no formal regulation on crypto currencies in India so far. The Centre has been working on a crypto regulatory framework since 2019, but it is yet to introduce a Bill in Parliament.

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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