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Apex court asks RBI to restrain sale and purchase of bitcoins

New Delhi: The Supreme Court has asked the Reserve Bank of India to look into the complaint seeking its intervention to take urgent steps for restraining the sale and purchase of illegal crypto currencies or "Virtual Currency" (VCs), like Bitcoins, which are being traded openly and extensively within the knowledge and domain of the RBI.

A Bench of Chief Justice J.S. Khehar and Justice D.Y. Chandrachud disposed of a writ petition filed by Vijay Pal Dalmia and Siddharth Dalmia, experts in internet technology on Saturday highlighting the consequences of unrestrained use of Bitcoins for a host of anti-national, illegal and nefarious activities, such as funding of terrorism and insurgency, illicit trade of arms and drugs, recruitment of terrorists, bribery, corruption and money laundering.

Mr Vijay who argued in person informed the court about tax evasion, generation of black money, payment of ransom, human trafficking and prostitution, transfer of money through hawala, hawala trade and etc.

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