crypto illegal in India or not: Supreme Court has asked the central government to clarify whether cryptocurrencies are legal in the country or not. Justices DY Chandrachud and Surya Kant, hearing a case related to the Rs 20,000 crore GainBitcoin scam, asked the Narendra Modi-led government to clarify its stand on the legality of crypto.
Supreme Court was hearing the scam of 20 thousand crores
In the year 2018, Amit Bhardwaj and his brother Vivek (both accused in the Gainbitcoin scam along with another brother Ajay) were arrested from Delhi’s IGI Airport in collusion with an alleged Ponzi scheme, through which they traveled across the country. had duped 8,000 people.
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The GainBitcoin scam was initially estimated to be worth Rs 20,000 crore. Bhardwaj promised high returns to investors, to whom he gave bitcoins and offered them bitcoin mining hardware.
The central government will have to clear the stand
On Friday, Additional Solicitor General (ASG) Aishwarya Bhati, representing the central government, told the Supreme Court that around 87,000 bitcoins were involved in the GainBitcoin scam.
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The bench asked the ASG, “Is crypto illegal or not? You have to make your stand clear.”
Tax was imposed in the budget but the stance is not clear
During Budget 2022, the government may have announced a 30 per cent levy on gains made through such digital assets, but the government did not clarify its stand on the legality of cryptocurrencies.
Finance Minister Nirmala Sitharaman clarified in the talk that taxing the earnings from digital assets does not make cryptocurrencies legal and the government is still working on the cryptocurrency bill.
In February’s Monetary Policy Review, RBI Governor Shaktikanta Das said that “Cryptocurrencies are neither an asset, nor a tulip.”
The ever-growing cryptocurrency community
Meanwhile, the cryptocurrency community continues to grow with no clear instructions from the Government of India or the Reserve Bank of India. Many exchanges have started adding big celebrities to their advertisements and are adopting unconventional methods of promotion through social media platforms.
In view of this, India’s Self Regulatory Advertising Body ASCI has asked for all advertisements related to cryptocurrencies and non-fungible tokens from 1st April to prominently display the disclaimer that ‘Crypto products and NFTs are unregulated and carry significant risk’. can be filled.
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