Pinnacle court asks the union government regarding the legal status of bitcoin

The top court today asked the union government to take a clear stand on the legal status of Bitcoin. The court clearly asked the centre whether bitcoin is at present scenario legal or not.

A bench composed of justices D Y Chandrachud and Surya Kant asked the ASG Aishwarya Bhati, “You have to take a clear stand”.

It continued to question the legality of bitcoins in our country by asking a straight question that, "Is it at present legal or not?".

Although, the top court questioned the centre verbally to the additional solicitor general and there's no proper notice on it.

The Supreme Court was looking into a matter relating to the GainBitcoin scam which took part in eighty thousand bitcoins worth of twenty thousand crores The plea was along bail versus Ajay Bhardwaj, one of the co-accused in the present case.

Amit Bhardwaj who is brother of Ajay Bharadwaj is the charged key culprit in the GainBitcoin scam. He was arrested in 2018 in the month of  March and later got the bail by the court on 3rd April 2019.

The Enforcement Directorate (ED) now asks the court to scrap his bail plea.

In our country at present there’s no proper regulation on virtual currencies. The Union has been looking at a digital regulatory framework since 2019 but is yet to bring a bill.

In the 2022 national budget, finance minister Nirmala Sitharaman had stated regarding introducing digital assets like virtual currency in India but a bill is yet to be initiated.

The Reserve Bank of India governor has continuously alerted investors against digital currencies.

Finally, after all this confusion in the country regarding cryptos today the top court asked the centre to take clear stand on digital currency.