In a significant judgment, India's Supreme Court has compared Bitcoin trading to the hawala system—a traditional method of transferring money without formal banking channels. This comparison raises concerns about the legal status of cryptocurrencies and their regulation in India. The court expressed frustration over the ambiguity prevailing in the regulatory framework governing cryptocurrency transactions, which could lead to misuse and financial instability. Experts point out that this judgment signals the urgent need for clear regulations to protect investors and users in the crypto market. As stated by legal expert Ramesh Gupta, 'The lack of regulatory clarity undermines trust in the market and could drive transactions underground.' Such remarks from the judiciary may prompt policymakers to act, signaling potential changes ahead for how cryptocurrencies are handled in India.
India's Supreme Court Compares Bitcoin Trading to Hawala, Calls for Clear Regulations
India’s Supreme Court has likened Bitcoin trading to the hawala system and criticized the country's lack of regulatory clarity.
Jamie Bennett
Crypto Analyst
3 minutes min read
8,060
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 7/10
Trading Recommendation
BTC
BTC
SELL
Entry Price
$0
Confidence
40%
Stop Loss
$25500
Take Profit
$28000 - $30000
The news indicates increasing scrutiny and potential regulatory challenges that may negatively impact Bitcoin trading sentiment.
