Supreme Court Urges Cryptocurrency Regulation, Likens Bitcoin to Hawala
The Supreme Court questioned the Centre's delay in implementing a clear cryptocurrency policy, likening Bitcoin trading to the illicit 'Hawala' business. Public interest mounts as the court hears a bail plea for Shailesh Babulal Bhatt, arrested in connection with an alleged illegal Bitcoin trade scheme in Gujarat.
- Country:
- India
The Supreme Court on Monday questioned why the Centre hasn't yet established a clear policy on cryptocurrency regulation, given its economic impact.
A bench led by Justices Surya Kant and N Kotiswar Singh described Bitcoin trading as an illegal venture, comparing it to 'Hawala'.
The court was deliberating on a bail request submitted by Shailesh Babulal Bhatt, accused in an illegal Bitcoin trade case, and sought further clarification from the Centre.
(With inputs from agencies.)
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