Supreme Court Questions Lack of Crypto Rules in India
India’s Supreme Court has pressed the central government to implement clear cryptocurrency regulations, warning that unregulated bitcoin trading resembles illicit “hawala” activity and poses economic risks.
During a bail hearing for Shailesh Bhatt—accused of defrauding investors through illegal bitcoin schemes—the Court questioned why no firm policy exists. Justices emphasized the need to monitor crypto activity, citing Bhatt’s alleged use of coercion and fraud to grow his operations. Although the government began taxing crypto in 2022, it still lacks a legal framework. Regulatory bodies remain divided, with SEBI showing interest in oversight while the RBI remains opposed due to financial stability concerns.
Clever Robot News Desk 21th May 2025
