Supreme Court Mines for Answers: “Where’s India’s Crypto Rulebook?”

In a scathing rebuke on Monday, the Supreme Court of India asked questions about the central government's continued inaction regarding regulation of cryptocurrency trading, drawing attention to the mounting dangers of an unregulated digital asset ecosystem. A bench headed by Justices Surya Kant and N Kotiswar Singh compared unregulated Bitcoin trading to a "shiny version of Hawala," the infamous underground network for illegal money transfers.

While considering Shailesh Babulal Bhatt's bail plea who has been accused of engineering cryptocurrency scams in various states, the bench urged the Centre to come up with a "clear cut" policy on regulating cryptocurrency. The judges cautioned that having a parallel, unregulated space could be hazardous for the national economy, and insisted that regulation, not prohibition, was the wise way to go. "Banning may be shutting your eyes to the ground reality.". But what about controlling it?

" the bench questioned, noting that the delay by the government in putting in place a framework was an abdication of a key economic issue.

The court's stinging comments are made in the wake of a surge in crypto-related fraud and continued uncertainty regarding the legality of digital currencies in India. The government has not spelt out its position despite frequent reminders from the judiciary of the need to act with decisiveness.

Source: Mathrubhumi News