Ministry of Finance had also constituted an inter-disciplinary committee was also appointed to examine the regulatory framework with regard to Virtual Currencies. The committee was comprised of representatives from different Government departments inter alia, stock exchange board of India and Reserve Bank of India. The act of appointing an expert committee also indicated that the Government is willing to rein in the cryptocurrencies in the best interest of all the participants.
In the mid of 2017, an unprecedented surge was seen in the advent of ICO’s and new crypto exchanges and the price of the bitcoin had ascended the ladder of an unusual value (above $21,000.00). As a result of an increase in price and huge profits earned by the investors caused the bitcoin to become the topic of every tongue. With the increased popularity of bitcoin, fraud and crimes involving the same also increased and then began the era of knocking the doors of Supreme Court by Public Spirited persons.
The first Public Interest Litigation (PIL) was brought before the Supreme Court by Mr. Vijay Pal Dalmia Advocate, by way of Writ Petition filed under Article 32 of the Constitution seeking a ban on sale and purchase of cryptocurrencies including bitcoin, litecoin etc in India. The said Writ was ordered by Apex Court to be treated as a representation and Reserve Bank of India was directed to examine the same and communicate its decision on the representation within a specified time. However, the RBI instead of clarifying its stance on the issue evasively responded while giving information about the appointment of Inter-Disciplinary Committee by the Ministry of Finance
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