- The Supreme Court of India has been overly criticized for not having a clear regulation framework for digital currencies.
- The court announced that bitcoin trading in India is similar to a more sophisticated version of the Mission system
The Supreme Court of India has different Bitcoin trading in India in a more attractive -attractive form of loss on May 5. Talking about the loss, it is an illegal currency transfer system. The court has further condemned the center for not having clear policies for digital currency until now.
As per report from PtiShailes Babulal Bhatt was arrested by police for reportedly manufactured illegal trade. While hearing for his bail, a Bench of the Justices Surya Kant and N Kotiswar Singh made the aforementioned statements.
The judges further asserted that in a similar case that occurred two years ago, the court ordered the government to explain in detail the policy on virtual currencies. But the government has not worked here yet.
Bitcoin Trading- a sophisticated version of the Damn system
Mumul Rohatgi, an older Supreme Court's lawyer argued that Bitcoin trading was not illegal in the country, primarily after the court removed a previous circular RBI in the same thing. Rohatgi represented Bhatt and claimed that his client was wrongly arrested.
Responding to the claims, Justice Surya Kant insisted that in her understanding, some of the BTCs were real while others were fake. Although in person, he didn't know much about Bitcoin.
He claimed that too Bitcoin Trading in India is like a more sophisticated version of the missing system, especially since there is no clear set of regulations in the area.
However, the court continues to ask the government to provide a clear set of regulations to prevent such issues.
In this regard, Rohtagi mentioned that Bitcoin is holding a significant amount, which has been featured in some foreign countries, one cannot walk in a showroom and buy a car with a single Bitcoin. He also admitted that he didn't have much knowledge of trading. At the time of writing, Bitcoin traded at $ 94,408 with a volume of nearly $ 22.97 billion.
Highlighting Crypto news today:
Binance partners with Kyrgyzstan to produce crypto payment infrastructure
Share
