Amid speculations over the legitimacy of cryptocurrency-Bitcoin, on February 25 the Supreme Court questioned the Centre to clear its stance on whether the same is legal. In the long-pending case of the alleged GainBitcoin scam, the Apex Court was hearing the petition by Ajay Bhardwaj seeking to quash the case against him while the bench emphasised the GoI’s take on cryptocurrency is required to be unclouded.
A division bench comprising Justice DY Chandrachud and Justice Surya Kant asked the Additional Solicitor General Aishwarya Bhati to clarify the doubt while hearing a petition by an accused in the GainBitcoin scam.
“Is it illegal or not. You have to make your stand clear,” the bench told the ASG while they agreed to throw light on the subject.
Further, the Court listed the matter for a hearing after four weeks while interim protection and restraint from the arrest of the petitioner are said to continue.
“Is bitcoin legal or not?”: Supreme Court asks Centre
The Supreme Court’s query holds relevance as Finance Minister Nirmala Sitharaman, on February 11, said the government has sovereign right to tax profit made from cryptocurrency transactions, and the decision on banning or not banning will be taken based on feedback from consultations.
Replying to the general discussion on Union Budget, Sithraman had said, “I am not going to legalise it or ban it at this stage. Banning or not banning will come subsequently, when consultations give me input”.
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