New Delhi: The Supreme Court on Monday expressed its discontent with the Central government for not coming up with a regime in connection with regulating virtual currency

New Delhi: The Supreme Court on Monday expressed its discontent with the Central government for not coming up with a regime in connection with regulating virtual currency

The Supreme Court of India on Monday expressed its displeasure with the Central government for not formulating a regime to regulate virtual currency, a report by Live Law stated.

The matter was being heard by a bench of justices Surya Kant and N Kotiswar Singh, who pointed out that if there were to be a regime, then there would not be any issues. The apex court said it had asked the government to come up with a clear policy regime on the trade of virtual currency and inform the court, but it has not yet received any response.

A counsel, representing the petitioner, further submitted before the bench that trading in Bitcoin is not illegal in India after the apex court quashed a circular of the Reserve Bank of India (RBI). He added that his client was wrongly arrested.

The bench, in its oral observations, said that trading in Bitcoin in the country is like “dealing with a refined way of Hawala business’, and pointed out, “there are no regulations at present”. Petitioner’s counsel said Bitcoin has a huge value.

Additional Solicitor General Aishwarya Bhati, appearing for the Enforcement Directorate and the Gujarat government, told the bench that she would be filing a detailed response opposing the bail plea.

The apex court was hearing a bail plea filed by Shailesh Babulal Bhatt, who was arrested by the police for allegedly engaging in illegal Bitcoin trade. Bhatt approached the apex court after the Gujarat High Court refused to grant him bail.

The High Court had noted that the ED is probing Bhatt for allegedly duping a cancer patient, in whose bank account a large sum of money was credited, which was later transferred to Bhatt’s account. The ED is also investigating Bhatt for allegedly cheating a few more people. The High Court had said that in view of the ED investigation, it would not be appropriate to grant bail to Bhatt.