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The Supreme Court on Monday called bitcoin trade as an illegal trade just like hawala business. A bench of Justices Suryakant and N. Kotishwar Singh said that there is a parallel under-market for cryptocurrency and it can affect the economy.
The court asked the central government why you do not make a clear policy to regulate cryptocurrency. The bench told the Additional Solicitor General Aishwarya Bhati, appearing for the Center, that the government can monitor the business by regulating cryptocurrency.
The bench reminded the central government that it had sought clarity on India’s policy regarding digital currency about two years ago. Despite this, the government failed to regulate it. It is like a blind eye on an important issue.
The court told the Center, ‘Nobody is telling you to stop Bitcoin trade because you had earlier said that cryptocurrency is not illegal and banning it will not be wise for the economy. Perhaps you will blind your eyes with the ground reality, but what have you thought about regulating it? ‘
Court said- The accused is victim or tortured, not known The Supreme Court made this comment on cryptocurrency during hearing the bail plea of Shailesh Babulal Bhatt, accused in a case of illegal bitcoin trade in Gujarat. Shailesh Bhatt is accused of cheating cryptocurrency in several states.
The court said that it could not find out whether the accused is the victim or the torture of the people. In fact, Additional Solicitor General Aishwarya Bhati claimed that the accused was one of the biggest traders of bitcoin in Gujarat and he promised to cheat and kidnapped others by promising high returns.
Accused Shailesh Bhatt’s lawyer Mukul Rohatgi had earlier argued that bitcoin trading is not illegal in India, especially since 2020 when the Supreme Court canceled the Circular of the Reserve Bank of India, which prevented banks from providing crypto-related transactions. He had argued that Bhatt’s arrest was wrong due to lack of law on cryptocurrency.
Regret over not having cryptocurrency regulation system- Supreme Court Earlier on May 5, the Supreme Court heard the matter. The court then said that bitcoin trading in India is like dealing with a new way of hawala business. The bench regretted that the Center has so far not been able to make any system to regulate cryptocurrency.
30% tax on the profits from cryptocurrency in India Cryptocurrency like bitcoin and atherium in India is neither legally recognized nor banned completely. However, a flat tax of 30% is imposed on profits from cryptocurrency transactions in the country and 1% tax is deducted on each trade.
RBI has repeatedly warned about the risks related to crypto investment. A draft bill was prepared in 2021 to regulate cryptocurrency, but it has not yet been introduced in Parliament.
In July 2023, another bench of the Supreme Court asked the central government whether it wants to set up a separate agency to investigate criminal cases related to cryptocurrency. The court had said that it is unfortunate that the central government has no law or an expert agency to investigate such cases to regulate digital currency.
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