The Supreme Court of India has questioned why the country’s central government cannot formulate a “clear cut” policy for crypto regulation, The Economic Times reported Monday.
Justice Surya Kant and N Kotiswar Singh said there is a “parallel under-market” for cryptocurrency that can affect the economy.
“Why is the center not coming out with a clear policy for regulating cryptocurrency?” They stood. “By regulating cryptocurrency, you can keep an eye on trade.”
Justice Kant added that Bitcoin (BTC) trade is “an illegal trade more or less like a Hawala business” referring to an expression used for the informal transfer of money from one place to another without the actual movement of physical money. Hawala transactions are illegal in India.
The courts asked their questions to additional attorney General Aishwarya Bhati, who requested to seek tuition in the case. They spoke while hearing a bail petition filed by Shailesh Babulal Bhatt, a Gujarat resident who was charged with crypto-related fraud.
Bhati had claimed that Bhatt was one of the largest BTC trade units in Gujarat who sacrificed others with promises of high returns.
However, the court said it could not investigate whether Bhatt was a victim or victim who complained about the government’s inability to come up with a clear regime that regulates cryptocurrency.
The Government of the India had plans to release a discussion document that outlined its cryptopolitan attitude last September, although this has not yet realized.
A senior official said in February that the delay was due to plans to review the effect of more crypt -Reneous policies from the United States under President Trump.
