Bitcoin Aajtak

Cryptocurrency Breaking News

Cryptocurrency drama this month: Amit Bhardwaj’s Bitcoin Fraud Investigation, Delhi High Court’s Notice To RBI And More

Another milestone for Bitcoin. With 17 millionth Bitcoin mined this week, Bitcoin which currently is trading at $9.2K has remained unaffected by India’s RBI move to curb the banking interface between cryptocurrency and fiat currency.

Against the move, hearing a cryptocurrency exchange’s petition, Delhi High Court has now issued a notice to the RBI, Indian government and the GST Council.

The Bitcoin crime refuses to come down, in Gujarat while senior police officials have now been sent on remand for extorting Bitcoin, as the investigation against crypto guru Amit Bhardwaj proceeds further, the Pune police crime branch has nabbed two more startup founders who were apparently also involved in the case.

In India, while Bitcoin tax has remained moreover a puzzle, France has reduced the tax. Let’s take a look at this week’s development in cryptocurrency.

Two Startup Founders Arrested In Connection With Amit Bhardwaj’s $300 Mn Cryptocurrency Ponzi Scheme

Following the arrest of the mastermind behind the $300mn cryptocurrency scam, Amit Bhardwaj, the police has now made two more arrest. According to reports, Darwin Labs founders Sahil Baghla (former Bluegape founder) and Nikunj Jain (former founder and an angel investor) have been arrested in connection with Amit Bhardwaj in the $300 Mn cryptocurrency Ponzi scheme.

The duo had reportedly worked with Bhardwaj and received a 20% cut from him from their partnership.

After the arrest, the police also seized 43.225 Bitcoins ($384,269.60), 79.949 Ethereum ($50,403.04), cash worth $49,831 (INR 33 Lakh), a laptop and some mobile phones, among other things.

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Cryptocurrency: Delhi High Court Issues Notice To RBI And Others

Accepting the petition filed by Ahmedabad-based cryptocurrency startup Kali Digital EcoSystems, the Delhi High Court has now issued a notice to the Reserve Bank of India (RBI), the Union of India through Secretary, Ministry of Finance and GST Council.

Kali Digital had approached the High Court of Delhi on April 16, 2018, challenging RBI circular dated April 6, 2018 “Withdrawing Banking Support to Virtual Currency Exchanges”.

Speaking on the matter, Rashmi Deshpande, Associate Partner, Khaitan & Co., advocate for the petitioner Kali Digital said, “The move by the RBI has put the burgeoning cryptocurrency sector in jeopardy and may affect the basic rights of such entities to carry on any trade. The circular appears to be arbitrary and unconstitutional since it does not give strong facts as to why the RBI is against the business of cryptocurrencies. Logical and well-thought arguments backed by solid facts are the primary requirements under the Constitution to put a stop to any business in India.”

This is not the first time that cryptocurrency firms have knocked the court’s door against the government’s apathy pertaining to cryptocurrencies. Supreme Court of India had earlier issued notice to the Ministries of Finance, Law and Justice, IT, SEBI and the RBI while hearing a plea filed by petitioner Dwaipayan Bhowmick seeking a Bitcoin regulatory framework. In its 43 pages petition, Bhowmick has sought explanations regarding the delay over regulatory frameworks.

France Reduces Bitcoin Taxes

On April 26, the French Council of State, Conseil d’Etat stated that the gains generated by cryptocurrencies should be considered as capital gains of movable property, with an exception which would imply a tax rate lower than the existing.


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