The lack of clear governmental policies over cryptocurrencies like bitcoin has seen a clarity-seeking petition land in India’s supreme court, the highest court in the country.
Bitcoin is not officially ruled as a legal payment instrument in the country. It isn’t illegal either. The official stance, according to notice by India’s central bank in February – a rehash of a 2013 statement – asserts “it has not given license/authorization to any entity/company to operate such schemes or deal with Bitcoin or any virtual currency.” Investors who deal with bitcoin, the central bank added, would be doing so at their own risk.
In an effort to cut through the ambiguity, a lawyer has put a spotlight on the issue by submitting a public interest litigation (PIL) to India’s Supreme Court (SC), filed on November 3.
For more details, please visit: https://www.cryptocoinsnews.com/bitcoin-legality-debate-heads-indias-supreme-court/