Government should make its position on Bitcoin and other cryptocurrencies clear, according to the SC

During her testimony, Bhati stated that she intends to file an affidavit on the legality of cryptocurrency trading and that the accused, who was given bail by the court in 2019, has not been participating with the investigation agency.

A new city is called New Delhi. If you buy or sell Bitcoin or any other cryptocurrency in India, the Supreme Court wants you to make that clear. One of the judges on the bench that was hearing the case said that the people who were arrested were charged with crimes because they were involved in the Bitcoin trade, not because they swindled people out of their money by convincing them to trade in the currency and promising them high returns.

The bench told Aishwarya Bhati, who was representing the government and the Enforcement Directorate, that she had to be careful "We want you to sign an affidavit and tell us if you can trade Bitcoin or any other kind of cryptocurrency in India or not. It's not clear what the rules are for trading Bitcoin now."

Bhati said she would write an affidavit about the legality of the cryptocurrency trade. She also said that the person who wants to stop the investigation hasn't been cooperating with the police after being released on bail in 2019.

In a statement, she said that 47 people have been charged with defrauding people in different parts of the country. The case involves a trade of 87,000 Bitcoin worth Rs 20,000 million.

The bench said that "In the next two days, the petitioner must meet with an officer from the Directorate of Enforcement, and he or she must help with the investigation as and when asked to do so. During the next four weeks, the prosecutor will get a new status report from the investigator. It will say how the investigation is going and if the defendant has been cooperating with the investigation. After four weeks, the list "In this case, I would say:

Bench: The ad-interim order that stops Bhardwaj from being arrested will stay in place until the next hearing in the case.

Shoeb Alam, an advocate for Vipin Kohli, one of Kohli's FIR informants, said he has filed a petition to have bail revoked for Bhardwaj because he didn't tell the truth to this court and hid material in his petition, which made this court think he was telling the truth.

The lawyer said that Bhardwaj has tried to hide the fact that the Chief Metropolitan Magistrate (CMM), Patiala House Court, through a court notice, had made a proclamation that required the defendants to appear under section 82 of the Criminal Procedure Code.

"During the time that he was granted bail, the court didn't know about these important facts. Thus, we want the bail given to the petitioner to be revoked "Alam did this.

She was assaulted in the hotel, which has CCTV cameras, he said.

The judge asked if the bail of other people had been challenged, and the lawyer said yes.

As far as Bhati is concerned, even the other co-accused who have been freed on bail aren't cooperating in the case.

Bhati says that the accused hasn't cooperated with the investigation. That's what the bench said in its order.

It said that there is an allegation that 87,000 Bitcoins (worth about Rs 20,000 crores) have been seized. It asked that the ad-interim order giving an interim stay of arrest be canceled.

The bench made it clear that it is testing the petitioner Bhardwaj and asked him to help with the investigation, but for now, it is not letting him go free.

When people invest in Bitcoin through the "multi-level marketing scheme," Bhardwaj and other people, mostly his family members, promise them that they will make 10 percent a month for 18 months, which works out to a total of 180 percent profit.

A lot of people invested their Bitcoins in the business because they were told that it would make them money, but after they invested, they didn't get the promised returns.

In addition, the FIRs say that Bhardwaj and his co-accused shut down the fake "gainbitcoin" website that investors used to make their investments. They did this in a dishonest way and with the goal of destroying all the evidence.

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