Trading in Bitcoin is Like 'Refined Hawala' : Supreme Court Seeks Clarity on Cryptocurrency Regulation

The Supreme Court, while hearing a bail plea in a Bitcoin-related case, expressed concern over the Centre's continued delay in formulating a regulatory framework for cryptocurrency.

The Court compared Bitcoin trading in India to a "refined way of Hawala" due to the absence of clear laws. The petitioner has been in custody since August 2023, accused of illegal Bitcoin transactions.

The Court had earlier asked the Centre in 2022 to clarify the legal status of cryptocurrency trading, but has yet to receive a response.

The Gujarat government and ED have 10 days to file their counter, with the next hearing on May 19.