India’s Supreme Court pushed the government for clear crypto regulations

The Supreme Court of India has questioned the central government on the ongoing delay in establishing clear crypto rules. During a hearing on 20 May, Justice Surya Kant and N. Kotiswar Singh expressed concern about the lack of legal structure. He also warned about an irregular crypto market risks.

Supreme Court of India presses the government on crypto regulations

“Why has the Center introduced a clear policy for cryptocurrency regulation?” The judges asked. “The appropriate oversight will help track and manage the crypto-related activities,” he said.

Came during the comment Bail hearing for Shailesh Babulal BhattA Gujarat resident accused of operating the crypto scam. According to additional Solicitor General Aishwarya Bhati, Bhatt is considered a major whale, which has allegedly attracted investors with promises of high returns.

Court on financial risks

Justice Surya Kant compared the lack of crypto rules in the business of “hawala” systems from informal financial networks that escapes from official banking channels. He warned that a shadow crypto market could cause serious damage to the economy if left uncontrolled.

While Bhatt’s exact role as a scammer or victim is still being debated, Justice criticized the ongoing regulator uncertainty. He insisted that clear rules will help stop such matters and would better protect everyday investors.

Government continues to delay on crypto regulation

The central government had earlier said that it would publish a crypto policy paper by September 2024. However, there has been no progress since then. A senior official said that they are waiting to see how the US handles Crypto under the pro -industry approach of former President Trump before proceeding.

Even with increasing digital assets across India, the country still works without firm Crypto rules. With the implementation of pressure with the Supreme Court, the government may soon be forced to break its silence and work.

It is noteworthy that the Supreme Court’s insistence on clear crypto rules is as follows. India’s missile attack on PakistanWhich was in retaliation for Pakistan’s terrorist attack.

India’s stance on crypto risks amid concerns of stability

India has always put strict rules And check on the use of digital currencies. Three senior officials have expressed concern over the potential threats that cryptocurrency may be ready for macroeconomic stability. He has also warned that these risks can affect both developing and advanced economies.

Officials emphasized that private cryptocurrency, unlike the central bank digital currencies (CBDCs), comes with significant risks and should not be considered the same in the regulatory structure.