The premier drug law enforcer of India gets trained in crypto and a district court in Delhi summons a crypto trading platform.
NCB Gets Trained in Crypto
On Tuesday, at the Lok Sabha, Parliament of India, Minister of State for Home, Mr. Nityanand Rai was asked about the technical competence of the Narcotics Control Bureau (NCB), the country’s premier drug law enforcement agency.
He revealed that NCB personnel are being trained on cryptocurrency, dark-net, digital surveillance, cybercrime information, cybercrime forensics, and digital forensics.
Mr. Rai also explained, while answering another question, that to curb the spread of illicit drugs, field officers are undergoing training on “cyber and forensic technologies” and “collection of evidence through electronic means”.
Delhi Court Summons Crypto Platform
While hearing a petition, Delhi’s Saket Court has summoned the parent company of Olymp Trade, Saledo Global LLC, as per a Live Law report.
Vidyut Kayarkar, the complainant, alleges that while trading crypto on the Olymp Trade platform, cryptocurrency is not actually delivered to the user, which amounts to wagering.
Advocate Nipun Saxena, counsel for the complainant, argued that such an arrangement is void as per Section 30 (Agreements by way of wager are void) of the Indian Contract Act, 1872.
Wagering is similar to derivatives.
Derivatives trading is legal in India. But an exchange must have the required license(s) from the competent authority to carry out derivatives trading. So, it was held that the platform is in violation of the law of the land as it does not possess any license.
Considering all the arguments, Additional District Judge Geetanjali ordered:
“Let summons for settlement of issues be issued to defendant no. 1, alongwith notice of interim application, if any, on filing of PF returnable for 24.02.2022.”
The aforementioned issue arose because of a lack of clarity of regulations. In March 2020, the Honourable Supreme Court of India quashed the crypto ban. But the regulatory uncertainty has remained a problem. During the ongoing Winter Session of the Parliament, the crypto bill was supposed to be introduced as per the bulletin. However, that has not happened.
Just the last day of the Winter Session remains on December 23. It is not expected that the bill will be introduced.
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