The Supreme Court of India says Bitcoin trading like a refined Hawaiian network

The Supreme Court in India has raised concerns about unregulated trading of Bitcoin, comparing him with the refined form of Havala during a recent sofa in case of crypto-related.

Toward Local mediaThe observation occurred while the Court examined the lack of a clear regulatory framework for virtual currencies in the country. The bench, which contains Justice Suria Kant and N Kotisvar Singh, said the lack of formal rules around the crypto, created insecurity, leading to potential abuse.

Notes were made while hearing the bail of recognition of Shaignesh Babulal Bhatt, which was in custody since August 2023. For allegedly engaged in Bitcoin.

During the hearing, Bhatt’s lawyer, the elder lawyer Muluk Rohatgi, claimed that Bitcoin trading was not illegally in India, especially after Judgment from 2020. years of Apex It hit India India Spare Bank about banking services for crypto platforms.

Justice Suria Kant replied that his understanding of Bitcoin, but stressed that, without regulation, Bitcoin trading closely resembles a “refined way of Havala.”

For those unconscious Havala is an informal, often illegal, cash transmission system operating outside traditional bank channels.

Bench remarked that this was not the first time that this question had arrived in front of the Court for the first time. Court, in a similar case two years ago, the Court specially asked the Center to clarify its virtual currencies policy.

Item in question dates back to February 2022. year, when the Supreme Court was Hearing a petition In order to abolish more meals filed against an individual accused to transfer investors through the BitCoin Scheme.

However, Kant said, has not been progress since then. The absence of any update, despite repeated calls for clarity, he left the judiciary in a difficult position when he deals with such things, he implied.

Despite the current uncertainty, India took some steps towards the supervision of virtual digital assets. The tax regime was introduced in 2022. It imposes the cryptic tax on the CRIPTO and 1% tax that is deducted at the source of all transactions above a certain threshold.

In addition to tax, the virtual transaction of assets were brought to prevent money on money laundering in March 2023. years. Many platforms, including bynance, cukoin and waitress, have since registered in the Indian financial intelligence service to comply with local rules.

However, the broader regulatory framework remains absent. In December 2024. Years response Parliament, the government said that currently “no fixed timeline” for the introduction of comprehensive virtual rules.

As before covered At Cripto.News, Ajai Seth, the Secretary of the Ministry of Economic Affairs, solved delay in releasing papers for cryptocurrency, originally Scheduled for September 2024During a recent round table.

With the main economies like the United States, who abolished their position on Kruptou, after the policy shift, Seth said that India would have to review her access.

“We were ready with discussion newspapers, but now we have to calibrate him again for these changes,” Seth said at the time.