"Cryptocurrency can affect the economy, why can't the center have a clear policy on Bitcoin trading?": Supreme Court | Today news

“Why don’t Center come up with a clear policy on the regulation of cryptocurrency?” The Supreme Court asked on Monday, May 19, emphasizing that its impact is on the economy. A Bank of Justices Surya Kant and a Kotiswar Singh called the Bitcoin trading as an illegal trade more or less like ‘Hawala’ business. ‘There is a parallel under market for it and it can affect the economy. By regulating the cryptocurrency, you can watch the trade, ‘the bank told the additional attorney general Aishwarya Bhati. Justice Kant added, “Trading in Bitcoin is an illegal trade more or less like a hawala business.” Aishwarya Bhati requested to seek assignment on the matter. The comments of the Supreme Court came when he pleaded for a bail of an accused held in Gujarat for illegal Bitcoin trade. The accused, Shailesh Babulal Bhatt, led bail for bail. The court said it could not determine whether he was a victim or victim. Additional Attorney General said the man was one of the biggest aggregators of Bitcoin trade in the state and victimized others by promising high returns and even being dedicated from kidnapping. On May 5, the Supreme Court said the trade in Bitcoin in India is a refined way of Hawala business because it is the center’s inability to bring about a clear regime over the regulation of virtual currencies so far. The accused’s lawyer said the trade in bitcoin was not illegal in India after the Points Court ended a Circular of the Reserve Bank of India in 2020, which made the arrest of his client illegal. On February 25, 2022, the Supreme Court asked the center for its position on whether or not trade in cryptocurrencies as bitcoin is legal in India. The case was related to the weakening of multiple FIRs against Bhat because they allegedly tweeted investors across India by leading them to trade in Bitcoin and secure them from high returns. (With agency input)