<p>New Delhi: The Supreme Court on Monday asked why couldn't the Centre formulate a "clear cut" policy on regulating cryptocurrency while underlining its impact on economy.</p>.<p>A bench of Justices Surya Kant and N Kotiswar Singh termed the Bitcoin trade as an illicit trade more or less like "hawala" business.</p>.<p>"Why does Centre not come out with a clear cut policy on regulating cryptocurrency? There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade," the bench told Additional Solicitor General Aishwarya Bhati, appearing for the Centre.</p>.Trading in Bitcoin in India is refined way of doing Hawala business: Supreme Court.<p>Justice Kant added, "Trading in Bitcoin is an illicit trade more or less like a Hawala business." Bhati requested to seek instruction on the matter.</p>.<p>The top court was hearing a bail plea an accused held in a case of illegal Bitcoin trade in Gujarat and said it could not ascertain whether he was a victim or victimiser.</p>.<p>Bhati claimed the man was one of the biggest aggregators of Bitcoin trade in the state and victimised others by promising high returns and even indulged in kidnapping.</p>.<p>On May 5, the top court said trading in Bitcoin in India was like "dealing with a refined way of Hawala business" as it lamented the Centre's inability to come up with a clear regime on regulating virtual currency so far.</p>.<p>Shailesh Babulal Bhatt, who was arrested by the police for alleged illegal Bitcoin trade, moved top court for bail.</p>.Supreme Court says no to plea for regulatory framework on cryptocurrencies.<p>His counsel said trading in Bitcoin was not illegal in India after the apex court quashed a circular of the Reserve Bank of India in 2020, making his client's arrest illegal.</p>.<p>On February 25, 2022, the top court asked the Centre to make its stand clear on whether cryptocurrency trade involving bitcoin or any other such currencies is legal in India or not.</p>.<p>The case related to the quashing of multiple FIRs against Bhat for allegedly duping investors across India by inducing them to trade in Bitcoin and assuring them of high returns.</p>
<p>New Delhi: The Supreme Court on Monday asked why couldn't the Centre formulate a "clear cut" policy on regulating cryptocurrency while underlining its impact on economy.</p>.<p>A bench of Justices Surya Kant and N Kotiswar Singh termed the Bitcoin trade as an illicit trade more or less like "hawala" business.</p>.<p>"Why does Centre not come out with a clear cut policy on regulating cryptocurrency? There is a parallel under-market for it and it can affect the economy. By regulating the cryptocurrency, you can keep an eye on the trade," the bench told Additional Solicitor General Aishwarya Bhati, appearing for the Centre.</p>.Trading in Bitcoin in India is refined way of doing Hawala business: Supreme Court.<p>Justice Kant added, "Trading in Bitcoin is an illicit trade more or less like a Hawala business." Bhati requested to seek instruction on the matter.</p>.<p>The top court was hearing a bail plea an accused held in a case of illegal Bitcoin trade in Gujarat and said it could not ascertain whether he was a victim or victimiser.</p>.<p>Bhati claimed the man was one of the biggest aggregators of Bitcoin trade in the state and victimised others by promising high returns and even indulged in kidnapping.</p>.<p>On May 5, the top court said trading in Bitcoin in India was like "dealing with a refined way of Hawala business" as it lamented the Centre's inability to come up with a clear regime on regulating virtual currency so far.</p>.<p>Shailesh Babulal Bhatt, who was arrested by the police for alleged illegal Bitcoin trade, moved top court for bail.</p>.Supreme Court says no to plea for regulatory framework on cryptocurrencies.<p>His counsel said trading in Bitcoin was not illegal in India after the apex court quashed a circular of the Reserve Bank of India in 2020, making his client's arrest illegal.</p>.<p>On February 25, 2022, the top court asked the Centre to make its stand clear on whether cryptocurrency trade involving bitcoin or any other such currencies is legal in India or not.</p>.<p>The case related to the quashing of multiple FIRs against Bhat for allegedly duping investors across India by inducing them to trade in Bitcoin and assuring them of high returns.</p>