Why can't Centre have clear cut policy on Bitcoin trade? SC asks
New Delhi, May 19 (PTI): The Supreme Court on Monday asked why couldn't the Centre formulate a "clear cut" policy on regulating cryptocurreny while underlining its impact on economy.
A bench of Justices Surya Kant and N Kotiswar Singh termed the Bitcoin trade as an illicit trade more or less like "hawala" business.
"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.
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.
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.
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.
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.
Shailesh Babulal Bhatt, who was arrested by the police for alleged illegal Bitcoin trade, moved top court for bail.
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.
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.
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.
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UP court rejects plea seeking Rahul Gandhi's voice sample in defamation case
Sultanpur (UP) (PTI): A local MP/MLA court on Saturday rejected a plea seeking a voice sample of Rae Bareli MP Rahul Gandhi in a defamation case filed by a BJP functionary against the Congress leader, and posted the matter for next hearing on May 11.
The plea, filed by BJP leader Vijay Mishra through his counsel Santosh Kumar Pandey, had sought Gandhi's voice sample for a forensic test to compare it with an audio clip.
After the petition was dismissed, Pandey said they would file a revision plea before the sessions court against the order.
The court rejected the plea after hearing the arguments of both sides, including Gandhi's counsel Kashi Prasad Shukla.
The matter dates back to 2018 when Mishra, a local BJP leader, filed a defamation suit over Gandhi’s alleged objectionable remarks targeting Amit Shah while campaigning for the Karnataka Assembly elections.
After five years of legal proceedings, the court issued a warrant against Gandhi in December 2023.
The Rae Bareli MP surrendered before the court in February 2024, and was granted bail on two sureties of Rs 25,000 each by a special magistrate.
On July 26 last year, the Congress leader recorded his statement before the court, claiming innocence and calling the case a political conspiracy.
Earlier this year, multiple hearings were postponed due to a strike by lawyers and the ill-health of Gandhi’s counsel.
