The Supreme Court on Monday made a strict comment about Bitcoin Buying and Selling. The court has also surrounded the central government, calling Bitcoin a ‘refined hawala’. The Supreme Court said that even after such a long time has passed, why the clear rules for virtual currency have not been made in the country yet. Significantly, on Monday, the Supreme Court was hearing the case bail plea of Shailesh Babulal Bhatt, while making strict remarks. Let us tell you that Shailesh Babulal Bhatt was arrested illegally on charges of bitcoin transaction.
What is the case of Shailesh Babulal Bhatt?
Shailesh Bhatt has been lodged in jail since August 204 last year. Shailesh is alleged to have illegally transmitted bitcoin. When Shailesh’s bail was rejected by the Gujarat High Court during the hearing in the case, he appealed to the Supreme Court. Advocating on behalf of Shailesh Babulal Bhatt in the Supreme Court, Senior Advocate Mukul Rohatgi said that it is wrong to convince someone to criminals due to no clear law in the country so far.
That’s why it was Supreme Court displeasure
On this argument of Advocate Mukul Rohatgi, a bench of Justices Suryakant and N. Kotishwar Singh expressed displeasure that in a similar case 2 years ago the central government was asked to clarify the policy on Digital Forex, but no guidelines have been issued yet. The bench said that crimes would be promoted in such a situation in the absence of legal uncertainty or lack of policy.
During the hearing, senior advocate Mukul Rohatgi also argued that bitcoin trading is not illegal in India as the Supreme Court has already canceled RBI’s restrictive circular. On this, Justice Suryakant said that I do not know much about Bitcoin, but it is understood that some are real, some fake. ”
Now next hearing will be held on May 19
On this, lawyer Rohatgi told the court that the price of bitcoin is very high and this can go abroad and buy luxury cars from 1 bitcoin. At the same time, Additional Solicitor General Aishwarya Bhati, presented by the Government of Gujarat and the Enforcement Directorate (ED), said that they want to file their detailed reply in this matter. On this, the Supreme Court has given 10 days time to the state government and the enforcement Directorate. Now the next hearing in this case will be held on May 19.
Learn what Cryptocurrency situation is in India
Many governments and regulatory organizations worldwide are preparing the Crypto Reserve along with making rules and laws on cryptocurrency, on the other hand, the Central Government and the Reserve Bank of India are very confused about the Crypto policy in India. No clear rules or guidelines have been prepared so far regarding cryptocurrency in India. In the year 2018, RBI banned the crypto currency, which was rejected by the Supreme Court in 2020. After this, the central government has imposed 30 percent tax on the income from cryptocurrency, but despite this there is no clarity about the rules. What did the finance minister say about Crypto TaxRead in detail about this here
Conclusion
The Supreme Court’s comment has once again highlighted the ongoing uncertainty in India about cryptocurrency. Until the central government in India does not prepare a clear law, there will be a risk for investors and common citizens. Creating rules on Bitcoin and other Digital Forex is now a demand of the hour, but the central government is also blowing up in this direction, so that the law, business and technology all three can move in a balanced direction.
