SC asks Centre to Clear its Stand on Cryptocurrency

Munmun Kaur

Published On:- February 26, 2022 at 12:16 IST

The Supreme Court on February 25, asked the Centre to clear its stand on the Legality of Cryptocurrency involving Bitcoin and others as there are no regulations or Ban with regards to Cryptocurrency in India.

The Bench of Justices D Y Chandrachud and Surya Kant were hearing a Plea by one Ajay Bhardwaj against the Union of India.

The Bench asked the Additional Solicitor General Aishwarya Bhati to clarify the Government’s stand on the subject. Bhati in return sought time to file a response.

The Additional Solicitor General submitted that 47 First Information Reports have been registered against the Accused of duping people across the country and the present Case involved 87,000 Bitcoins and the Accused was not cooperating with the Investigation.

Further, the Apex Court was informed that multiple Summons against the Accused has been issued so far.

Advocate Shoeb Alam, appearing for an FIR informant on the other hand sought cancellation of Bail granted to the Accused.

The Bench directed the Petitioner to appear before the Investigating Officer of Directorate of Enforcement within two days and after that cooperate with the investigation as and when called upon to do so.

The Bench further directed the Investigating Officer to file a fresh status report before the Apex Court on or before four weeks, indicating the progress of the investigation and whether there has been any cooperation on the part of the Accused.

The Supreme Court said that the Ad-Interim Order restraining the Arrest of Bhardwaj shall continue till the next date of listing of the matter.

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