Bitcoin Trading Ban

The Supreme Court on Monday said trading in Bitcoin in India is like "dealing with a refined way of Hawala business" as it lamented that the Centre has till now not come out with a clear regime on regulating virtual currency. A bench of Justices Surya Kant and N Kotiswar Singh made the remarks while dealing with a bail application of Shailesh Babulal Bhatt who was arrested by the police for alleged illegal Bitcoin trade. The bench said that two years back while dealing with a case related to Bitcoin trade it had asked the Centre to apprise the court about the policy regime on the trade of virtual currency but till now it has not received any response. Senior advocate Mukul Rohatgi, appearing for Bhatt, submitted that trading in Bitcoin is not illegal in India after the apex court quashed a circular of the Reserve Bank of India and therefore his client was wrongly arrested. Justice Surya Kant told Rohatgi that though he personally does not understand much about Bitcoin, but the cour

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