<p>The Supreme Court on Friday asked the Centre to make its stand clear on Bitcoins as currently, there was no regulation or any ban on the use of cryptocurrencies in the country.</p>.<p>A bench of Justices D Y Chandrachud and Surya Kant asked Additional Solicitor General Aishwarya Bhati to clarify the stand of the Union government on the subject.</p>.<p>The court was hearing a plea by Ajay Bhardwaj against the Union of India. </p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/indian-banks-yet-to-warm-up-to-crypto-transactions-1084802.html" target="_blank">Indian banks yet to warm up to crypto transactions</a></strong></p>.<p>Bhati said the instant case involved 87,000 Bitcoins and the accused was not cooperating with the investigation, and multiple summons have been issued so far.</p>.<p>The bench sought to know from her, "Is it illegal or not?" </p>.<p>Bhati sought to time to file a formal response.</p>.<p>Advocate Shoeb Alam, appearing for an FIR informant, sought cancellation of bail granted to Bhardwaj.</p>.<p>The bench pointed out that a status report had been filed by the Enforcement Directorate in July last year. </p>.<p>The bench directed the accused to meet with the investigating officer and cooperate in the probe.</p>.<p>The bench said the IO will file a status report and put the matter for further hearing after four weeks. </p>.<p>As of now, there is no regulation on cryptocurrencies in India and the government has been working on crypto regulatory framework since 2019 but is yet to introduce a bill.</p>.<p>Union finance minister Nirmala Sitharaman had in 2022 budget said that income from digital asset transfers will be taxed at a rate of 30 per cent, specifying that no deductions and exemptions will be allowed. However, RBI has been against any such private digital currencies and had banned the banking system from aiding such trades. The decision was, however, struck down by the Supreme Court in 2020.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>The Supreme Court on Friday asked the Centre to make its stand clear on Bitcoins as currently, there was no regulation or any ban on the use of cryptocurrencies in the country.</p>.<p>A bench of Justices D Y Chandrachud and Surya Kant asked Additional Solicitor General Aishwarya Bhati to clarify the stand of the Union government on the subject.</p>.<p>The court was hearing a plea by Ajay Bhardwaj against the Union of India. </p>.<p><strong>Also Read — <a href="https://www.deccanherald.com/business/business-news/indian-banks-yet-to-warm-up-to-crypto-transactions-1084802.html" target="_blank">Indian banks yet to warm up to crypto transactions</a></strong></p>.<p>Bhati said the instant case involved 87,000 Bitcoins and the accused was not cooperating with the investigation, and multiple summons have been issued so far.</p>.<p>The bench sought to know from her, "Is it illegal or not?" </p>.<p>Bhati sought to time to file a formal response.</p>.<p>Advocate Shoeb Alam, appearing for an FIR informant, sought cancellation of bail granted to Bhardwaj.</p>.<p>The bench pointed out that a status report had been filed by the Enforcement Directorate in July last year. </p>.<p>The bench directed the accused to meet with the investigating officer and cooperate in the probe.</p>.<p>The bench said the IO will file a status report and put the matter for further hearing after four weeks. </p>.<p>As of now, there is no regulation on cryptocurrencies in India and the government has been working on crypto regulatory framework since 2019 but is yet to introduce a bill.</p>.<p>Union finance minister Nirmala Sitharaman had in 2022 budget said that income from digital asset transfers will be taxed at a rate of 30 per cent, specifying that no deductions and exemptions will be allowed. However, RBI has been against any such private digital currencies and had banned the banking system from aiding such trades. The decision was, however, struck down by the Supreme Court in 2020.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
