Close Menu
  • Crypto News
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Trending

Will $2,500 Hold as Sellers Test Support?

June 1, 2025

Dogecoin Account Drops Casual ‘Sup’ Tweet: What’s Behind It?

June 1, 2025

TON Bullish Pattern Signals Breakout Ahead — 40% Rally Loading?

June 1, 2025
TON has brief downtime before being restored

TON has brief downtime before being restored

June 1, 2025

Bitcoin to meet bro science? Saylor requests a chat on Rogan

June 1, 2025
Facebook X (Twitter) Instagram
  • Advertise
en English
nl Nederlandsen Englishfr Françaisde Deutschit Italianoru Русскийes Españolzh-CN 简体中文hi हिन्दीja 日本語
Crypto Observer
  • Crypto News

    TON Bullish Pattern Signals Breakout Ahead — 40% Rally Loading?

    June 1, 2025

    312 Million DOGE Moved To Coinbase. What’s Going On?

    June 1, 2025

    These Metrics Are Overheating While Bitcoin Remains Bullish: CryptoQuant

    June 1, 2025

    Bitcoin Tipped For $340,000 Target If This Support Level Holds – Details

    June 1, 2025

    Will ETH Retest the $2K Support as Momentum Fades? Ethereum Price Analysis

    June 1, 2025
  • Markets
  • Bitcoin
  • Ethereum
  • XRP
  • Altcoins
  • Technology
  • More
    • Crypto Prices – Latest from BTC, ETH & XRP
    • NFT
    • DeFi
Facebook X (Twitter) Instagram
Crypto Observer
Home » Altcoins » India’s Supreme Court says Bitcoin trading is like a refined Hawala network
Altcoins

India’s Supreme Court says Bitcoin trading is like a refined Hawala network

Crypto Observer StaffBy Crypto Observer StaffMay 6, 2025No Comments3 Mins Read
Facebook Twitter Pinterest Reddit Telegram Email LinkedIn Tumblr
Share
Facebook Twitter LinkedIn Pinterest Email

India’s Supreme Court has raised concerns over unregulated Bitcoin trading, comparing it to a refined form of Hawala during a recent bail hearing in a crypto-related case.

According to local media, the observation came as the court questioned the absence of a clear regulatory framework for virtual currencies in the country. The bench, comprising Justices Surya Kant and N Kotiswar Singh, said the lack of formal rules around crypto assets had created uncertainty, leading to potential misuse.

The remarks were made while hearing the bail plea of Shailesh Babulal Bhatt, who has been in custody since August 2023 for allegedly engaging in illegal Bitcoin trading.

During the hearing, Bhatt’s lawyer, senior advocate Mukul Rohatgi, argued that Bitcoin trading is not illegal in India, especially after the apex court’s 2020 ruling that struck down the Reserve Bank of India’s ban on banking services for crypto platforms. 

Justice Surya Kant responded that his understanding of Bitcoin is limited but emphasised that, without regulation, Bitcoin trading closely resembles “a refined way of Hawala.” 

For those unaware, Hawala is an informal, often illegal, money transfer system that operates outside traditional banking channels.

The bench further noted that this wasn’t the first time the issue had come before the court. Notably, in a similar case two years ago, the court had specifically asked the Centre to clarify its policy on virtual currencies.

The case in question dates back to February 2022, when the Supreme Court was hearing a petition to quash multiple FIRs filed against an individual accused of duping investors through a Bitcoin scheme.

However, Kant said, there had been no progress since then. The absence of any update, despite repeated calls for clarity, has left the judiciary in a difficult position when dealing with such matters, he implied.

Despite the ongoing uncertainty, India has taken some steps toward oversight of virtual digital assets. A tax regime introduced in 2022 imposes a 30% tax on crypto profits and a 1% tax deducted at source on all transactions above a certain threshold.

Beyond taxation, virtual asset transactions were brought under the Prevention of Money Laundering Act in March 2023. Many platforms, including Binance, KuCoin, and Coinbase, have since registered with India’s Financial Intelligence Unit to comply with local rules.

However, a broader regulatory framework remains absent. In a December 2024 response to Parliament, the government said there is currently “no fixed timeline” for introducing comprehensive rules on virtual assets.

As previously covered on crypto.news, Ajay Seth, Secretary of the Department of Economic Affairs, addressed the delay in releasing a cryptocurrency discussion paper, originally scheduled for September 2024, during a recent policy roundtable.

With major economies like the U.S. revisiting their stance on crypto, following policy shifts under President Trump, Seth said India would need to reassess its approach as well.

“We were ready with a discussion paper, but we now need to recalibrate it due to these changes,” Seth said at the time.

Read the full article here

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Dogecoin Account Drops Casual ‘Sup’ Tweet: What’s Behind It?

June 1, 2025

Bitcoin to meet bro science? Saylor requests a chat on Rogan

June 1, 2025

Bitwise CIO Names Key Reason Behind XRP’s Success

June 1, 2025

Quant rallies as tokenized reality catches up to the hype

June 1, 2025
Add A Comment

Leave A Reply Cancel Reply

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Top Posts

Will $2,500 Hold as Sellers Test Support?

June 1, 2025

Dogecoin Account Drops Casual ‘Sup’ Tweet: What’s Behind It?

June 1, 2025

TON Bullish Pattern Signals Breakout Ahead — 40% Rally Loading?

June 1, 2025
Advertisement
Demo

Crypto Observer is your one-stop website for the latest crypto news and updates, follow us now to get the news that matters to you.

Facebook X (Twitter) Instagram
Crypto News

312 Million DOGE Moved To Coinbase. What’s Going On?

June 1, 2025

These Metrics Are Overheating While Bitcoin Remains Bullish: CryptoQuant

June 1, 2025

Bitcoin Tipped For $340,000 Target If This Support Level Holds – Details

June 1, 2025
Get Informed

Subscribe to Updates

Get the latest crypto news and updates directly to your inbox.

Facebook X (Twitter)
  • Privacy Policy
  • Terms of use
  • Advertise with us | Publishing
  • Contact us
  • Crypto News – Press release
  • Newsletter sign up
  • Markets
  • Altcoins
  • Bitcoin
  • Crypto News
  • DeFi
  • Ethereum
  • Technology
  • Blockchain
  • AI
  • NFT
  • Thanks for joining us
© 2025 Crypto Observer. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.