- India’s Supreme Court pushes for cryptocurrency regulation.
- Regulatory delays compared to Hawala transactions.
- Ten-day deadline for Gujarat Police and ED response.
The Supreme Court of India expressed frustration at the government’s lack of progress in setting up a regulatory framework for cryptocurrencies. It called Bitcoin trading a “refined form of Hawala,” signifying concerns over unregulated transactions.
Justice BR Gavai and Justice Augustine George Masih led the judicial critique. The court’s comments arose during a hearing on cryptocurrency fraud, highlighting a potential shift in the judiciary’s role in regulatory matters.
The comparison to Hawala might influence public opinion and governmental policies. This criticism suggests the court sees an urgent need for oversight, potentially impacting how cryptocurrencies are utilized in India.
The Supreme Court’s deadline for a response from the Gujarat Police and Enforcement Directorate suggests regulatory action soon. This could prompt significant shifts in India’s cryptocurrency landscape.
As the Indian crypto community anticipates regulatory clarity, investors and stakeholders might adjust their strategies. The court’s words could rapidly shape both governmental and public crypto interaction.
The court’s commentary aligns with a broader global trend toward stronger regulation in the crypto space. Justice BR Gavai stated, “We cannot ignore the fact that Bitcoin trading may be viewed as a refined form of Hawala.” This shift mirrors governmental efforts worldwide seeking coherent, transparent policies for digital asset markets.
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