'Legal Or Illegal', Supreme Court Asks Govt To Make Its Stand Clear On Bitcoins

The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court

New Delhi: 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.

A bench comprising Justices D Y Chandrachud and Surya Kant told the additional solicitor general (ASG) Aishwarya Bhati, "You have to make your stand clear."

The bench was hearing a plea by Ajay Bhardwaj against the Union of India. Bhati 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..." Bhati replied: "We will do that my lord."

Advocate Shoeb Alam, appearing for an FIR informant, sought cancellation of bail granted to Bhardwaj.

The bench pointed out that a status report had been filed by the Enforcement Directorate in July last year. Bhati added that the accused has not cooperated in the probe. The bench directed the accused to meet with the investigating officer (IO) and cooperate in the investigation.

The bench said the IO will file a status report showing the cooperation of the accused and scheduled the matter for further hearing after four weeks. The bench added that the interim order restraining arrest of the accused will continue till the next date of hearing.

The Reserve Bank of India's order banning banks from supporting crypto transactions, was reversed in March 2020, by the Supreme Court.

Recently, the Advertising Standards Council of India (ASCI), noting government’s concerns that cryptocurrency advertisements were misleading, issued guidelines saying that they will put a disclaimer while promoting ‘highly risky’ and ‘unregulated’ cryptocurrencies from April 1.