CASE STUDY ON CRYPTOCURRENCY
Storyboard Text
- It was alleged that Mr. Kumar Vivekanand (the “Accused”) purchased bitcoins from the Complainant by transferring funds to the Complainant’s bank account in return for bitcoin being transferred into the Accused’s virtual wallet on the online transaction portal ‘Binance’.
- Complainant his bank accounts had been frozen and that his bitcoin transactions were marked as illegal transactions.
- The Complainant deals in the sale and purchase of bitcoins, and it was submitted that he always takes identity proof prior to the commencement of any trade transactions.
- The investigation officer submitted that the Complainant had received amounts from different accounts and had been the beneficiary in the said transactions.
- Hitesh Bhatia (the “Complainant”) approached the Court and prayed for directions to the police for registration of an FIR and commencement of investigation into the alleged offence of cheating.
- While the Court did not adjudicate upon the legality of cryptocurrencies itself, the fact that the discourse around the use of cryptocurrencies in the span of 3 – 4 years has shown a massive shift shows that it is a global phenomenon that is gaining traction and if India wants to be a part of the digital future, it must also start seriously considering the issue from a regulatory framework
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