Supreme Court Questions Centre Over Delay in Cryptocurrency Regulation

The Supreme Court expressed concern over the Centre’s failure to implement a clear regulatory framework for cryptocurrencies, warning that unchecked Bitcoin trading poses risks similar to hawala operations.

The Court noted that such parallel under-market systems threaten economic stability and called for immediate government oversight.

These remarks came during a bail hearing for Shailesh Babulal Bhatt, accused of involvement in illegal Bitcoin trading in Gujarat.

The Court stressed the urgency of addressing regulatory gaps, highlighting the potential misuse of crypto assets in financial crimes and money laundering.