Overview

• The Supreme Court of India has expressed frustration over the government's two-year delay in establishing a regulatory framework for cryptocurrencies.
• Justices Surya Kant and N. Kotiswar Singh compared unregulated Bitcoin trading to a refined form of Hawala, citing the risks of fraud and money laundering.
• The court is currently reviewing the bail plea of Shailesh Babulal Bhatt, who has been in custody since August 2024 for alleged illegal Bitcoin trading.
• Senior advocate Mukul Rohatgi argued that Bhatt's arrest was unjustified, as Bitcoin trading is not explicitly illegal following the quashing of an RBI circular in 2020.
• The Gujarat government and Enforcement Directorate have been given ten days to file detailed responses, with the next hearing scheduled for May 19, 2025.