Supreme Court Questions Union Government
(Bitcoin is one among various virtual currencies.)
New Delhi – The Supreme Court questioned the Union government, asking why it has not framed a clear policy to regulate Bitcoin, which operates in a manner similar to the hawala system and could impact the economy. The question was raised during a hearing on the bail application of Shailesh Babulal Bhatt, who was arrested in connection with illegal Bitcoin trading in Gujarat. Shailesh Bhatt is accused of cryptocurrency-related fraud in multiple states.
1.The Supreme Court further remarked that no one is asking the government to ban Bitcoin trading; the government itself had previously stated that “cryptocurrency is not illegal and banning it would not be a wise move for the economy.” The court added, “You may ignore the reality by banning it, but have you considered regulating it?”
2.The court reminded the Union government that it had sought clarity on India’s digital currency policy two years ago. Despite this, the government has failed to regulate it. The court noted this as a case of overlooking a critical issue. (If the government continues to ignore the matter even after the court’s prompt, it only strengthens public perception that the issue is being neglected – Editor)
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