Three justices issued a notice to the central bank, the market regulator, the tax department, and several other agencies, asking them to answer a petition on the matter, the Hindu, an Indian newspaper, reported Tuesday.
The original petition to the court expressed concern that bitcoin can be used to conduct transactions across borders without a trace, making it an attractive tool for ransomware attackers and tax cheats.
According to the petition:
"The lack of any concrete [control] mechanism pending the regulatory framework in said regard has left a lot of vacuum and which has resulted in total unaccountability and unregulated Bitcoin (crypto money) trading and transactions."
The petition goes on to state that bitcoin exchanges in India add 2,500 users per day, and that some 500,000 residents now hold bitcoin. As of 3:00 p.m. Eastern on Wednesday, the exchange rate between Indian rupees and bitcoin was more than 470,000.
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